El paseo urbano como estrategia metodológica de análisis de la ciudad

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#FLJG<M;;A^F   #"  9HALMDG# &!(&)!p&*-)/,() 9HALMDG## &.),p&,#0 9HALMDG### &*-)/,()(&,.)(.'*),n()  "   9HALMDG#0 &,&#q((.,#/()3#/ 9HALMDG0 &)-( )+/-0&/.#0)-&#/ 9HALMDG0# &*),.#q(&,#0(&/,(#-')   !    9HALMDG0## )(&/-#)(-   "   9HALMDG0### p(#3 /(.-#&/-.,#)(- 9HALMDG#2 #&#)!, p            a-C <G6C CYB:GD 9: :H6H 8DH6H H> CD A6 B6NDGU6 ;J: 9:H8G>ID >CK:CI6G>69D ;DID<G6;>69D8DCI69DD:CJB:G69D%>D7?:I>KD:CA6HEP<>C6HFJ:H><J:C=6H>9D BPH7>:C9:H8G>7>G:AG:HIDADFJ:<:C:G6AB:CI:CDH:6CDI6ADFJ:CDH:CDI6AD FJ:CDI>:C:>BEDGI6C8>6ADFJ:E6H68J6C9DCDE6H6C696H6AKDI>:BED<:CI: 6JIDHNCJ7:Hb  !),!-*,i.=FL9LAN=mZHMAK=E=FL<mMF&A=M*9JAKA=Fj       a$::GADFJ:CD:HIP:H8G>ID' ") '((-."&            HGDDAF9AJ=Q=FB9E\FH=JGKGFD9K12.:/B9.06<;2@@B??2.96@A.@D9KIM= ;GEA=FR9F99F9DAR9J<=MF9>GJE9EVK=P@9MKLAN9D9=PH=JA=F;A99JL\KLA;9 <=D 9F<9J =F D9K ;9DD=K -= ;=FLJ9JGF =F DGK =F;M=FLJGK ;9KM9D=K DGK EGNAEA=FLGK Q 9LJ9;;AGF=K AF;GFK;A=FL=K = AJJ9;AGF9D=K <= D9 ;AM<9< EG<=JF9KL9K:`KIM=<9KKMJJ=9DAKL9K<=AFL=J9;;A^FHKA;GD^?A;9;GF=D =FLGJFG MJ:9FG H9K9JGF 9 DGK KALM9;AGFAKL9K IM= D9K 9EHDA9J\9F Q ;GF =:GJ< AFKAKLAJ\9F =F =D ;9JV;L=J EVK MJ:9FG Q G:B=LANG <= D9 9:G>K6 -M G:B=LANG=J9D9=D9:GJ9;A^F<=MF9FM=N9;A=F;A9D9*KA;G?=G?J9>\9  &9K A<=9K KALM9;AGFAKL9K =KLVF LG<9N\9 HJ=K=FL=K =F =D 9JL= ;GFL=EHGJVF=G Q =F D9 G:J9 <= 9JLAKL9K ;GEG "9FK "99;C= =FB9E\F *9LL=JKGF 9J:9J9 %JM?=J 9<=EVK <= =F D9K AFL=JN=F;AGF=K MJ:9F9K <= =JF9J<.K;@MEAG(A?=DG9L=K  KHGJL9FLG=NA<=FL=IM==D9JLAKL9K=@9HJ=G;MH9<GHGJ9F9DAR9J DGK9E:A=FL=KMJ:9FGKQIM==PAKL=MF;GFG;AEA=FLG=KL9:D=;A<G<=K<==D ;9EHG <= =KLM<AG <=D JL= IM= <=:=J\9 K=J AF;DMA<G ;GEG 9HGJL9;A^F ;A=FL\>A;9 =F =D *9J9<A?E9 E:A=FL9D "GD?9<G =KLV <=;AJ IM= D9 H9JLA;AH9;A^F <= 9JLAKL9K =F ;GF?J=KGK Q ;GF>=J=F;A9K KG:J= =KLM<AGK MJ:9FGK=K=K;9K9HGJFG<=;AJFMD9D9JL=K==F;M=FLJ99;LM9DE=FL==F MF=KL9<G<=AF;GEG<A<9<<AK;AHDAF9JL9DIM=Q9FGK^DGK=;M=KLAGF9KM ;9H9;A<9< <= J=KHM=KL9 KG;A9D KAFG L9E:AZF KM JGD ;GEG ;9EHG <= ;GFG;AEA=FLG>J=FL=9D9;GEMFA<9<;A=FL\>A;9K\DGIM=K=HJ=L=F<=;GF DGKL=PLGKIM=9;GFLAFM9;A^FKA?M=F=KEGKLJ9JD9K9HGJL9;AGF=K<=DJL= ;GEG <AK;AHDAF9 ;A=FL\>A;9 = AFKLJME=FLG <= 9FVDAKAK <= D9 J=9DA<9< Q HGJ L9FLG>M=FL=<=;GFG;AEA=FLGH9J9DGK=KLM<AGKMJ:9FGK             #&",%)                                 #"   #FLJG<M;;A^F 9HALMDG# !"U#&"(%!" @9JD=K9M<=D9AJ=D9=KLZLA;9<=D9;AM<9<EG<=JF9Q =D<9F<Q 19DL=J=FB9E\FD9;AM<9<AF<MKLJA9DQ=D>DXF=MJ -MJJ=9DAKL9K 9<9\KL9K #FL=JF9;AGF9D&=LJAKL9 #FL=JF9;AGF9D-ALM9;AGFAKL9    9HALMDG## '"%U%) D=KLJ9L=?9!MQ=:GJ< &9J=9DAR9;A^F<=DBM=?GD9<=JAN9 KH=;LGK;GFKLALMLANGK<=D9<=JAN9  9JV;L=JAFL=F;AGF9D<=G:B=LANA<9< 9JV;L=JMJ:9FG 9JV;L=J;GFK;A=FL= D9R9J &GK<=JAN=9FL=K DLA=EHG D=KH9;AG  HGJL9;AGF=K<=D9<=JAN9  *KA;G?=G?J9>\9 /J:9FAKEG/FAL9JAG &9=KGJA=FL9;A^F  &9HM=KL9=FHJV;LA;9=B=EHDGK<=<=JAN9  =JAN9=F*9J\K =JAN9=FnEKL=J<9E #FL=FLG<=<=K;JAH;A^FHKA;G?=G?JV>A;9<=&=K "9DD=KHGJ:<=D9@9>A<%@9LA:  &=;LMJ9;J\LA;9<=D9<=JAN9  9HALMDG### #&"(%!"!%'"!' #"%T!" D<=K=G<=9F<9J PHDGJ9<GJ=K9D9<=JAN9 '9H9KQ;9JLG?J9>\9K         !'%"(V!  F=KL9HJAE=J9H9JL=;GFKA<=J9EGKF=;=K9JAGAFA;A9JMF9HJG>MF<9 J=NAKA^FQJ=>GJEMD9;A^FGFLGD^?A;9<=DH9K=G;GEGHJV;LA;9=KLZLA;9=FD9 IM=K=9HGQ9D9<=JAN9KALM9;AGFAKL9;GF=D>AF<==PHDGJ9JKM <AE=FKA^F HJV;LA;9Q;G?FGK;ALAN9 J9F;=K;G9JJ=JA;GFKLJMQ==FD9HJAE=J9H9JL=<= KMDA:JG/6A@H86E:HMF9@AKLGJA9<=D9F<9J;GFMF=F>GIM=<=K<==DHMFLG <= NAKL9 <= D9 JIMAL=;LMJ9 KALM9F<G D9 HJV;LA;9 <=D i9F<9Jj ;GEG MF9 >GJE9:VKA;9Q?=FMAF9<=;GFKLJMAJ=DH9AK9B=MF9HJV;LA;9IM==PAKL\9Q9 <=K<==DGJA?=F<=D9HJGHA9J9R9@ME9F9K\=K;JA:=  i&99;;A^F<=9LJ9N=K9J=D=KH9;AGF9;=<=D9F=;=KA<9<F9LMJ9D<= EGN=JK= ;GF =D >AF <= =F;GFLJ9J 9DAE=FLGK = AF>GJE9;AGF=K AF<AKH=FK9:D=KH9J9D9HJGHA9KMH=JNAN=F;A9-AF=E:9J?GMF9N=R K9LAK>=;@9KD9K=PA?=F;A9KHJAE9JA9K=D@=;@G<=9F<9JK=;GFNAJLA^ =F MF9 9;;A^F KAE:^DA;9 IM= H=JEALA^ IM= =D @GE:J= @9:AL9J9 =D EMF<Gj  JJ9J 9F<9J FG K^DG =K MF <=KHD9R9EA=FLG =KH9;A9D KAFG MF9 9HJGHA9;A^FH=J;=HLM9DQL=JJALGJA9DMF9;LG<=;GFKLJMAJKAE:^DA;9E=FL==D =KH9;AG9FLJ^HA;G9BG=KL9H=JKH=;LAN9D9KJ=D9;AGF=K=FLJ==D=KH9;AGQ =D@9:AL9FL=9<IMA=J=FMF9AEHGJL9F;A9NAL9DH9J9=DK=J@ME9FG@9:AL9FL= <= MF <=L=JEAF9<G =KH9;AG <GF<= K= =KL9:D=;= MF ;9EHG 9;LANG <= ;GEMFA;9;A^F =FLJ= ;AM<9<9FG Q =KH9;AG >\KA;G D =KH9;AG ;9J?9<G <= K\E:GDGK Q9 FG K=J\9 KGD9E=FL= i=KH9;AGj KAFG IM= @9:D9J\9EGK <=    ,,# J9F;=K;G/6A@H86E:H A 6C96G 8DBD EGP8I>86 :HISI>86 9J;=DGF9 !MKL9NG !ADAH  iL=JJALGJAGj L=JJALGJAG <=>AFA<G Q =FL=F<A<G ;GEG DG @9;=F D9K A=F;A9K (9LMJ9D=KiVJ=9<=AF>DM=F;A9Q<GEAF9;A^F<=MF9=KH=;A=9FAE9DD9;M9D DG <GEAF9 <= E9F=J9 EVK AFL=FK9 =F =D ;=FLJG Q N9 J=<M;A=F<G =KL9 AFL=FKA<9<=FD9E=<A<9=FIM=K=9HJGPAE99D9H=JA>=JA9<GF<=;GEHAL= ;GF <GEAFAGK <= GLJ9K =KH=;A=Kj *G<J\9EGK <=;AJ IM= =D L=JJALGJAG =K =KH9;AG <= ;GFKL9FL=K AFL=J9;;AGF=K K=EAGD^?A;9K K 9IM\ ;M9F<G ;GFKA<=J9EGK AF<AKH=FK9:D= 9F9DAR9J D9K J=D9;AGF=K IM= K= =KL9:D=;=F =FLJ=D9?=FL=Q=D=FLGJFGD9K;GF=PAGF=KIM=@9Q=FLJ=DGKDM?9J=KKM AF>DM=F;A9 =F =D @9:AL9FL= Q KM ;GEHGJL9EA=FLG 9BG =KL9 H=JKH=;LAN9 ;GFKA<=J9EGK=D9F<9JH9K=9JJ=;GJJ=J=JJ9JD9HJV;LA;9EVKA<^F=9H9J9 DD=N9J9;9:G=KL9D=;LMJ9K=EAGD^?A;9<=DL=JJALGJAG*GJL9FLG=F=DHJAE=J ;9HALMDGLALMD9<G:A6:C:6AD<U69:AE6H:DJG76CDHJG>MF<AR9J=EGK=F=D 9FVDAKAK<=MF;GJLGH=JGAFL=FKGH=J\G<G<=D9"AKLGJA9IM=@9KA?FA>A;9<G MF HMFLG <= AF>D=PA^F =F DG IM= HG<J\9EGK ;GFKA<=J9J  i=K9 @AKLGJA9 <=D 9F<9Jj IM= 9JJ=JA Q9 9HMFL9:9 DG;9DAR9F<G ;MVF<G ;GE=FR9JGF D9K HJAE=J9K 9HJ=;A9;AGF=K <=D H9K=G ;GEG 9;LG =KLZLA;G =KLG >M= >MF<9E=FL9DE=FL= =F =D KA?DG 22 ;GF D9K 9;;AGF=K <= KMJJ=9DAKL9K Q <9<9\KL9K 9MFIM= Q9 9FL=K K= =K:GR9JGF DGK HJAE=JGK N=KLA?AGK <= AFL=F;AGF=K<=MF9=KLZLA;9<=DH9K=G=KLGG;MJJ==FD9DAL=J9LMJ9>J9F;=K9 <= >AF9D=K <=D KA?DG 2#2 *G=L9K ;GEG !=J9J< <= (=JN9D G @9JD=K 9M<=D9AJ= @9;=F <= *9J\K D9 ;AM<9< <=D EALG <=D H9K=G KL= HJAE=J ;9HALMDGJ=KHGF<=9D9F=;=KA<9<<=DG;9DAR9J=D;GFL=PLG;GF;=HLM9D<=K<= <GF<= =D ;MVD KMJ?A^ D9 HJV;LA;9 <= D9 <=JAN9 "=EGK K=D=;;AGF9<G DGK H=JKGF9B=KIM=EVKHJG>MF<9E=FL=AF>DMQ=JGF=FDGIM=HG<J\9EGK<=>AFAJ ;GEG =D H9J9<A?E9 <=D  iH9K=G MJ:9FGj = =FLJ= LG<GK DGK 9;GFL=;AEA=FLGK=K;JALGKQH=FK9EA=FLGKIM=<=9D?MF9>GJE9AF>DMQ=JGF =F D9 ;J=9;A^F Q >GJEMD9;A^F <= D9 <=JAN9 ;GEG 9;LALM< FG K^DG 9JL\KLA;9 KAFG;GEGDGIM=9JJ=JA<=FGEAF9MFiKAFL9?E9=KL=J=GLAH9<Gj;G@=J=FL=   ),,#(,'9FM=D=F,-.,*)!DGJA9iHJGPAE9;A^F;MDLMJ9D 9D ;GF;=HLG <= L=JJALGJAGj *:K>HI6 (:GHE:8I>K6 :D<GP;>86 -< J=NAKL9 =D=;LJ^FA;9 @LLHOOOD9:D99GJ?:D99NAJLM9DD=LJ999HJGP@LE7>LF  9 MF9 J=9DA<9< 9L=EHGJ9D *M=K =D K=J @ME9FG @9 H9K=9<G Q KA?M= H9K=9F<G 9`F ;GF <A>=J=FL=K >GJE9K <= 9HDA;9;A^F Q  <A>=J=FL=K ;AJ;MFKL9F;A9K=KH9;A9D=K39IM==D9F<9J=K MF9 >GJE9 <=9HJGHA9;A^F <=J=;GFG;AEA=FLG=A<=FLA>A;9;A^F<=D=KH9;AG&9K=D=;;A^F<=D;GFL=FA<G <= =KL= ;9HALMDG J=KHGF<= 9 MF9 ;D9KA>A;9;A^F HGJ iH=JKGF9B=Kj K9DN9?M9J<9F<G MF GJ<=F L=EHGJ9D IM= ;A=JL9E=FL= @9 KA<G <A>\;AD <= E9FL=F=J 9D?MF9K N=;=K ;M9F<G DGK 9;GFL=;AEA=FLGK IM= HJ=L=F<\9EGK <=KL9;9JKM;=<\9F=FMFEAKEGAFL=JN9DGL=EHGJ9D9K\HGJ=B=EHDG;9:= E=F;AGF9JD9KAEMDL9F=A<9<<=9;LM9;AGF=K=FLJ=KMJJ=9DAKL9KQ<9<9\KL9K G<=A?M9DEG<GD9AF>DM=F;A9IM==DJ=D9LG<=&GMAKJ9?GFi$:E6NH6C9: (6G>Hb LMNG =F D9 ;GF>=;;A^F <= i$6 '7G6 9: ADH (6H6?:Hb <= 19DL=J =FB9E\F k=K;JAL9 HGKL=JAGJE=FL= FGKGLJGK @=EGK ;J=\<G ;GFN=FA=FL= AF;DMAJ =D 9FVDAKAK <= D9 G:J9 <= J9?GF BMFLG ;GF D9K 9;LM9;AGF=K KMJJ=9DAKL9KKA?MA=F<GMF;JAL=JAG<=;G@=J=F;A9<=;GFL=FA<GK  F=D;9HALMDGK=?MF<G:A6I:DGU69:A69:G>K69N9FR9J=EGK=FD9 <=>AFA;A^FQ9FVDAKAK<=D9i<=JAN9jHJ=;AK9F<GKM;GFL=FA<GEVK=KH=;A>A;G Q9:GJ<9F<GLG<G=DE9J;G<=J=>=J=F;A9IM=K=;J=9=FLGJFG9=DD9=KLG =KD9K;J\LA;9KHJGFMF;A9<9K=FLGJFG9=KL9L=GJ\9;GEGKMK9HGJL9;AGF=K QD=?9<GK  3HGJ`DLAEG=F=DL=J;=J;9H\LMDG@9;=EGKMFJ=;GJJA<GHGJ=D9JL= ;GFL=EHGJVF=G LGE9F<G ;GEG ;JAL=JAG D9 HJV;LA;9 <=D 9F<9J HKA;G?=G?JV>A;G K EMQ HGKA:D= IM= <=KHMZK <=D ?J9F F`E=JG <= >GLG?J9>\9KIM=9JLA;MD9F=KL=`DLAEG;9HALMDGK=L=F?9D9K=FK9;A^F<=IM= =D;GFL=FA<GHM=<=<AKH=JK9JK=&9KAEV?=F=K=K;G?A<9KH9J9=KL==KLM<AG ;GFKLALMQ=FMF<AK;MJKGHGJK\EAKE9KHM=KK=<=K9JJGDD9F=FMF9D=;LMJ9 AFL=F;AGF9<9Q;9KAHM=<=FHJ=K;AF<AJ<=D;GE=FL9JAGIM=D9K9;GEH9]9 GF =KL9K AEV?=F=K K= @9 @=;@G <=JAN9 HGJ DGK LJ9:9BGK <= 9JLAKL9K ;GFL=EHGJVF=GK IM= 9HGJL9F E9L=JA9D ?FGK=GD^?A;G =F D9 HJV;LA;9 <= D9 =PHDGJ9;A^FQJ=>D=PA^FMJ:9F9K  *#./&)# 29.2;2.9<4L.129=.@2<B?/.;<     5.?92@.B129.6?29.2@AKA60.129.06B1.1:<12?;.F29   -ALMZEGFGK=F =D*9J\K <=D K 2#2 #E9?AF=EGK HGJ MFEGE=FLG IM= KGEGK G:K=JN9<GJ=K <= D9 ;AM<9< EG<=JF9 <=K<= D9 N=FL9F9 <= MF 9H9JL9E=FLG /F9 DMR <A>MK9 DMR ;=FAL9D D9 ?=FL= K= <=KDAR9 KG:J= D9K :9D<GK9KEMJEMDDGQEGNAEA=FLGAF;=K9FL=K  ig+MAZF <= FGKGLJGK FG @9 KG]9<G =F <\9K <= 9E:A;A^F ;GF =D EAD9?JG <= MF9 HJGK9 HGZLA;9 EMKA;9D KAF JALEG FA JAE9 KM>A;A=FL=E=FL= <`;LAD Q F=JNAGK9 ;GEG H9J9 K9:=J 9<9HL9JK= 9 DGK EGNAEA=FLGKD\JA;GK<=D9DE99D9KGF<MD9;AGF=K<=D=FKM=]G9DGK KG:J=K9DLGK<=D9;GF;A=F;A9D==K;JA:\99M<=D9AJ=9DJ=<9;LGJB=>= <= D9 i*J=KK=j JK[F= "GMKK9Q= =F D9 <=<A;9LGJA9 <=D +EA::C 9: (6GUH=D9>J=;M=FL9;A^F<=D9K;AM<9<=K=FGJE=K<=D;J=;AEA=FLG <= KMK AFFME=J9:D=K J=D9;AGF=K F9;= KG:J= LG<G =KL= A<=9D G:K=KAGF9FL=j     /&#,@9JD=K +EA::C 9: (6GUH ;AL9<G HGJ($'p(19DL=JA A>7GD 9: ADH E6H6?:H'9<JA<C9D   #!/,"=FJA'.#--!CI:G>DG(:8:G68DCE:8:HGD?DH     9M<=D9AJ=N=\9H9K9J9D9?=FL=HGJD9K;9DD=KEMDLALM<9EGJ>9KAF =KLJM;LMJ9FA9JLA;MD9;A^F  i'MDLALM< KGD=<9< LZJEAFGK A?M9D=K Q ;GFN=JLA:D=K H9J9 =D HG=L9 9;LANGQ>=;MF<G+MA=FFGK9:=HG:D9JKMKGD=<9<FGK9:JVL9EHG;G =KL9JKGDG<=FLJG<=MF9EM;@=<ME:J=9L9J=9<9DHG=L9?GR9<=D AF;GEH9J9:D=HJANAD=?AG<=HG<=J9KM9FLGBGK=JZDEAKEGGK=JGLJG GEG =K9K 9DE9K =JJ9FL=K IM= :MK;9F MF ;M=JHG =FLJ9 ;M9F<G IMA=J==F=DH=JKGF9B=<=DGK<=EVK-^DGH9J9ZDLG<G=KLVN9;9FL= QKA9D?MFGKDM?9J=KH9J=;=F=KL9JD=;=JJ9<GK=KIM=9KMKGBGKFG N9D=F D9 H=F9 <= IM= DGK NAKAL= D H9K=9FL= KGDAL9JAG Q H=FK9LANG 9D;9FR9MF9KAF?MD9J=E:JA9?M=R;GF=KL9MFAN=JK9D;GEMFA^Fj  *9J99M<=D9AJ=D9>A?MJ9<=D;ARC:JGDD=N9AFLJ\FK=;GMF;9JV;L=J<= =PLJ9]9EA=FLG9FL==D=KH=;LV;MDG<=D9;AM<9<A;==FB9E\Fi*9J9=D 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J9FC>MJL<A;A^F=KH9]GD9<=,GD>.A=<=E9FF'9<JA<C9DH &9J=>GJE9MJ:9F9<="9MKKE9FF>M=<=9Q=D+EA::C<=9M<=D9AJ=>M= =K;JALG=F  :9JJAGK;ZFLJA;GKJ=>D=B9JD=D9K@GJ9K<=D<\9L9F;D9J9E=FL=;GEGD9K @GF<GF9<9K<=DEGFL=j   &B??2.96@A.@  M= =F E9QG <=  ;M9F<G &GMAK J9?GF F<J= J=LGF '9P 'GJAK= Q ,G?=J 0ALJ9; J=9DAR9JGF D9 HJAE=J9 <=9E:MD9;A^F KMJJ=9DAKL9 G J=;GJJA<GKAF<=KLAFG;GF=D`FA;GG:B=LANG<=K:G-=D=;;AGF9JGFD9;AM<9< <=DGAK;=FLJG<= J9F;A99D9R9JKG:J=MFE9H9QK=<=KHD9R9JGF9DD\=F LJ=F<=K<=*9J\K=KHMZKKA?MA=JGFKMNA9B=;GFN=JK9F<GQ;9EAF9F<G9 HA=9;9EHG9:A=JLG@9KL9DD=?9J9,GEGJ9LAFKL=NA9B=KAF>AF9DA<9<FA <=KLAFG >AB9<G K= ;GFN=JLAJ\9 =F MF9 >GJE9 <= =PH=JAE=FL9;A^F <= D9 =K;JALMJ99MLGEVLA;9KMJJ=9DAKL9KG:J==D=KH9;AGJ=9D<A>=J=F;A9<=D9K <=9E:MD9;AGF=K<9<9\KL9KDGKKMJJ=9DAKL9K;9EAF9:9F;9EHG9LJ9NZKHGJ :GKIM=K=KH9;AGK9:A=JLGK;GEGKA@M:A=K=MF9AFL=F;A^F<=J=LGJFG9DG HJAEALANG 9 D9 =K=F;A9 EAKE9 <= D9 <=KGJA=FL9;A^F Q <=D 9:9F<GFG 9D AF;GFK;A=FL=9DGKD\EAL=K<=D=KH9;AGJ=9DF=KL9HJV;LA;9;M=FL9J=LGF ;^EG D9 <=KGJA=FL9;A^F Q >9DL9 <= iHD9F=Kj HJGNG;9:9 J=9;;AGF=K EG>B><:C>6HQGEG>B>I>K6H =F DGK H9JLA;AH9FL=K MF <=9E:MD9J =FLJ= MF =KH9;AGJ=9DQMF=KH9;AGHKA;GD^?A;GAFNG;9F<G=F;9<9H9KGD9HZJ<A<9 <=  ;GFLJGD &9 =PH=JA=F;A9 J=KMDL9:9 K=J MF9 =PHDGJ9;A^F <=D HJGHAG AF<ANA<MGIM=H9JLA;AH9:9     ($'p( 19DL=J :GA>C:G #>C9=:>I JB &:JCO:=C=JC9:GI  J9F;>GJL -M@JC9EH 0=JD9?  0=JKA^F ;9KL=DD9F9 !C;6C8>6 :C :GAUC =68>6  '9<JA< D>9?M9J9    %20<??61<2;A?2;  %20<??61<.=62 #!/,,=;GJJA<G<=D9<=9E:MD9;A^FJ=9DAR9<9HGJDGKKMJJ=9DAKL9KJ9?GFJ=LGF 'GJAK=Q0ALJ9;=F J=LGF=K;JA:A^KG:J==KL99;;A^F=FKMKIG:I>:CH  i-MJ?A^ MF9 <=9E:MD9;A^F =FLJ= ;M9LJG &GMAK J9?GF '9P 'GJAK= ,G?=J0ALJ9;QQGEAKEG=EHJ=F<A<9=F9IM=DD9ZHG;9H9JLA=F<G<= DGAKMF9;AM<9<=D=?A<99D9R9JKG:J==DHD9FG GFNAFAEGK IM= AJ\9EGK 9D 9R9J 9 HA= Q IM= K=?MAJ\9EGK ;GFN=JK9F<G KAF H=JEALAJFGK <=KNA9;AGF=K <=DA:=J9<9K 9 =P;=H;A^F <=D9KF=;=K9JA9KH9J9;GE=JQ<GJEAJ/F9N=RAFA;A9<9D9=P;MJKA^F J=KMDL^K=JEMQ=KH=;A9D=AF;DMKG=KLMNGJ=HD=L9<=H=DA?JGKDNA9B= HJ=NAKLG H9J9 MFGK <A=R <\9K k9MFIM= DM=?G >M= 9;GJL9<G 9<IMAJA^ J=H=FLAF9E=FL==D;9JV;L=J<=MF9AFA;A9;A^F &99MK=F;A9<=;M9DIMA=JLAHG<=G:B=LANGFGK9H9JL9EMQHJGFLG<=D9 J=9DA<9< Q D=N9FL9 :9BG FM=KLJGK H9KGK >9FL9KE9K ;9<9 N=R EVK  FME=JGKGK;9<9N=REVKAFIMA=L9FL=K&9AJJAL9;A^F=KL9:9;9<9N=R EVK 9D 9;=;@G Q @9;= AF;DMKG IM= J9?GF Q 0ALJ9; DD=?M=F 9 D9K E9FGK 0AKLG ?DG:9DE=FL= D9 =PHDGJ9;A^F FG >M= <= FAF?`F EG<G <=;=H;AGF9FL= 9 H=K9J <= D9 =PA?aA<9< <= KM J9QG HM=KLG IM= =PHDGJ9EGK DGK D\EAL=K =FLJ= D9 NA<9 ;GFK;A=FL= Q D9 NA<9 <= DGK KM=]GK=K<=;AJ=DEVPAEG?J9<G=F=DLAHG<=HJ=G;MH9;AGF=KIM= L=F\9EGK=F9IM=DD9ZHG;9j  KL9K AF;MJKAGF=K ;9EH=KLJ=K FG LMNA=JGF ;GFLAFMA<9< *9J\K K= ;GFNAJLA^ =F D9 ;AM<9< HJ=<AD=;L9 H9J9 D9K <=9E:MD9;AGF=K MJ:9F9K *=JG J=LGFQKM?JMHGFGJ=9DAR9:9FKM=K;JALMJ9=KH9;A9DHGJD9KL\HA;9KRGF9K LMJ\KLA;9KKAFGIM=D9KJ=9DAR9:9F=FD9K9>M=J9K=FD9KRGF9KE9J?AF9D=K <GF<= =D <=K9JJGDDG MJ:9FG K= =K;9H9:9 <= D9 AFL=JN=F;A^F :MJ?M=K9 :9JJAGK ;GEG &=K "9DD=K G D9 RGF9 FGJL= <= *9J\K &GK KMJJ=9DAKL9K J=;@9R9:9F =D *9J\K @AKL^JA;G Q LJ9<A;AGF9D DGK `FA;GK J=>=J=FL=K IM= 9;=HL9:9F=J9FDGKIM=J=EAL\9F99;LM9;AGF=KJ=NGDM;AGF9JA9K  &9 ;ARC:G>: H9JAKAF9 HGK== MF9 D9J?9 LJ9Q=;LGJA9 DAL=J9JA9 ;GEG Q9 @=EGK HG<A<G ;GEHJG:9J <=K<= D9K &D8=:H 9: '8IJ7G: <= !ZJ9J< <= (=JN9D =D +EA::C 9: (6GUH <= @9JD=K 9M<=D9AJ= @9KL9 D9K NAKAGF=K <= 19DL=J =FB9E\F &9 DAL=J9LMJ9 KMJJ=9DAKL9 =KLV HD9?9<9 <= J=D9LGK KG:J= <=9E:MD9;AGF=K MJ:9F9K &9K FGN=D9K &69?6  <= J=LGF Q $: (6NH6C 9: (6G>H  A 86BE:H>CD 9: (6GUH <= J9?GF J=KH=;LAN9E=FL=>M=JGF<GK<= D9KEVK AEHGJL9FL=K ;GFLJA:M;AGF=K9D9K FM=N9KQ=PH=JAE=FL9D=KLZ;FA;9K<=H=J;=H;A^FF$:(6NH6C9:(6G>H   *,#(/(,=<C9GSG:IDCIG:I>:CH*9J\K  J9F;=K;G9J=JA9HMFL9=FKMDA:JG/6A@H86E:HMF9H=IM=]9:A:DAG?J9>\99DJ=KH=;LG ,!)( &GMAK $: (6NH6C 9: (6GUH !9DDAE9J< *9J\K  N=JKA^F ;9KL=DD9F9 A 86BE:H>CD 9: (6GUH JM?M=J9 9J;=DGF9  (, ,.)( $:H (6H E:G9JH (,  *9J\K  N=JKA^F ;9KL=DD9F9 $DH E6HDH E:G9>9DH DA9FR9 =<ALGJA9D '9<JA<  (,T ,.)( &69?6 (,  *9J\K  N=JKA^F ;9KL=DD9F9 &69?6 -=AP 9JJ9D 9J;=DGF9  '2  '),#- i#LAF=J9AJ= <M L=EHK <= D9 HJZ@AKLGAJ= W FGK LGMJKj=F$6GSKDAJI>DCHJGGS6A>HI:  J9?GF <=K;JA:=D9 ;AM<9< <=K<= =D HMFLG <= NAKL9 <= MF ;9EH=KAFG HJ=K=FLVF<GD9;GEGMF9?M\9<=DM?9J=KE9J9NADDGKGKN=JLA?AFGKGKHGJKM EG<=JFA<9< F9JJ9F<G MF NA9B= HGJ MF L=JJALGJAG DD=FG <= =PH=JA=F;A9K Q 9;GFL=;AEA=FLGK AF=KH=J9<GK F =KL9 G:J9 <=K;JA:= MF9 <=9E:MD9;A^F FG;LMJF9=NG;9F<G=DH9JIM=<=JII:H=6JBDCI9>AJE9F<GIM=9DD\iK= @9:\9 AFKL9D9<G =D AF;GFK;A=FL= <= D9 ;AM<9<j -GF 9K\ DGK KMJJ=9DAKL9K IMA=F=K =F>9LAR9F DGK EGNAEA=FLGK Q KM?=KLAGF=K AFK;GFK;A=FL=K = AJJ9;AGF9D=K<=D9;AM<9<EG<=JF9 *=JG =K F<JZ J=LGF IMA=F @9:D9 <= MF9 >GJE9 ;D9J9 KG:J= D9 @B/72A6C61.12;29=?<02@<12=2?02=06N;129.06B1.1;GFD9AFL=F;A^F <=MF9<AKLAF;A^F=KH9;A9D=FLJ=RGF9K<=9LJ9;;A^FQRGF9K<=J=HMDKA^F  i*G<=EGK J=;GFG;=J =F =DD9 KA HJ=KL9EGK MF E\FAEG <= 9L=F;A^F RGF9K <= :A=F=KL9J Q <= E9D=KL9J IM= K= 9DL=JF9F Q ;MQ9K H=JKH=;LAN9KDGF?ALM<AF9D=KHG<J\9EGKDD=?9J9=KL9:D=;=Jj  KL9K=J\9D9HJAE=J99DMKA^F<=DAFL=FLG<=>GJE9DAR9JD9H=J;=H;A^F <=D=KH9;AGMJ:9FG=KHMZKDGKKALM9;AGFAKL9KDG<=K9JJGDD9J\9FH9J9<9J DM?9J9DGIM=K=;GFG;=;GEGDGKE9H9KHKA;G?=G?JV>A;GKKLGKE9H9K K=J\9F AF<ANA<M9D=K Q =KL9J\9F :9K9<GK =F D9 J=HJ=K=FL9;A^F <= D9K N9JA9;AGF=KH=J;=HLM9D=K<MJ9FL=D9<=9E:MD9;A^FHGJ=D9E:A=FL=MJ:9FG J=LGFHJGHGF\9<A:MB9J<=:D9F;GDGKDM?9J=KIM=FGK?MKL9>J=;M=FL9J<= F=?JG DGK IM= FG;J=9F J=HMDKA^F Q <= ?JAK =D J=KLG >C9>;:G:CI: *9J9 DGK KMJJ=9DAKL9K D9 ;AM<9< =K;GF<\9 MF9 ;AM<9< AF;GFK;A=FL= FG NAKA:D= :9KVF<GK==FD9=:MDDAK;=FL=L=GJ\9<=DHKA;G9FVDAKAK<= J=M<IM=HG<\9 K9DAJ9D9DMR<=D9J=9DA<9<9DA?M9DIM=DGKH=FK9EA=FLGK<=FM=KLJ9E=FL= -MKAFN=KLA?9;AGF=KHJGEGN\9FMF9AFL=J9;;A^FHKA;GD^?A;9;GF=D=KH9;AG MJ:9FGH=K9J<=FGK=J9:KGDML9E=FL=;GFK;A=FL=K<=D;9JV;L=J=KLZLA;G   ,.)((,Ti*GFL(=M>j=F$6AS9:H=6BEH*9J\K;AL9<G=F'AJ=DD9 (#(# i,=>=J=FL=K KMJJ=9DAKL9K =F D9K FG;AGF=K <= <=JAN9 Q HKA;G?=G?J9>\9 <=D =FLGJFG MJ:9FG KALM9;AGFAKL9j =F (,).# &A:=JG  )-. 29NA=J =< +>IJ68>DC>HI6H 6GI: EDAUI>86 JG76C>HBD 'MK=G <mJL GFL=EHGJ9FA <= 9J;=DGF9 9J;=DGF9;L9J  <= KMK 9;;AGF=K MLADAR9:9F =D H9K=G ;GEG MF E=<AG 9 LJ9NZK <=D ;M9D AF<9?9J Q <=K;M:JAJ D9K RGF9K IM= K= =K;9H9:9F 9 D9K J=HJ=K=FL9;AGF=K G>A;A9D=KQG:B=LAN9KJ=LGF<=K;JA:==F&69?6D9;ARC:G>:HGJ*9J\K <GF<= DG EV?A;G K= E=R;D9 ;GF DG ;GLA<A9FG ;GEG KM ;GF;=H;A^F <= 9HJ=@=FKA^F <= DGK =KH9;AGK MJ:9FGK <=BVF<GK= LMJ:9J HGJ D9K AEHJ=KAGF=K<=9?J9<GG<=K9?J9<GF=F$dBDJG;DJ=DH9K=GK= ;GFNA=JL==FFG;LMJFGQ@9:D9<==KL9K=<i<=N9?9J9D=F;M=FLJG<=LG<G 9IM=DDG <= DG IM= QG E= 9K=?MJ= IM= E= E9FL=F<JV =F ;GEMFA;9;A^F EAKL=JAGK9 ;GF DGK GLJGK K=J=K <AKHGFA:D=K ;GEG KA >MZJ9EGK DD9E9<GK 9 J=MFAJFGK <= AEHJGNAKG56 -= LJ9L9:9 H9J9 FGKGLJGK <= K9:=J KA MF =F;M=FLJG =D=?A<G =FLJ= LG<GK DGK GLJGK J=;M=J<GK Q H9J9 =D IM= HGJ DG L9FLGD9K;AJ;MFKL9F;A9KLGE9F:9BGMF9DMR9>=;LAN9MFJ=DA=N=H9JLA;MD9J @9:\9 KA<G H9J9 IMA=F IMAKA=J9 J=D9L9JDG M:A;9<G GJA?AF9DE=FL= :9BG =D KA?FG<=DG=KHGFLVF=G<=DGAF<=L=JEAF9<G<=DGAEHJ=NAKA:D=GAF;DMKG <= DG AF;J=\:D= Q KA ZKL= =J9 =D ;9KG <= IMZ E9F=J9 K= @9:\9 GH=J9<G K=?MA<9E=FL= D9 J=<M;;A^F <= =KLGK <9LGK GFLV:9EGK ;GF LG<9K D9K G:K=JN9;AGF=KAF;DMKG<AKLJ9\<9KAF;DMKG9H9J=FL=E=FL=AJJ9;AGF9D=KIM= @M:A=J9F HG<A<G K=J @=;@9K KG:J= =D ;GF;MJKG <= ;AJ;MFKL9F;A9K IM= HJ=KA<A^ L9D =F;M=FLJG H9J9 @9;=J KMJ?AJ IM= =K= ;GF;MJKG FG =K =F 9:KGDMLGAF=PLJA;9:D=QHGF=J=F=NA<=F;A9 DGKD9RGK<=<=H=F<=F;A9IM= MF=F D9K <GK K=JA=K ;9MK9D=K F9LMJ9D Q @ME9F9 D9RGK KMLAD=K >M?ALANGK AFIMA=L9FL=K =F =D =KL9<G 9;LM9D <=D ;GFG;AEA=FLG H=JG IM= KG:J= DGK H9KGKEVKAF;A=JLGK<=D@GE:J=@9;=F9N=;=KKMJ?AJNANGK:JADDGKj  J=FL=9DZF>9KAK<=J=LGFQKM?JMHGHGJDGK=F;M=FLJGK;9KM9D=K= AF;GFK;A=FL=K=:GJ<<=>=F<=JV=D;9JV;L=JEVKMJ:9FGQG:B=LANG <= D9 <=JAN9 HM=K K=?`F ZD iDGK 9;GFL=;AEA=FLGK K^DG H=JL=F=;=F 9D 9R9J EA=FLJ9K K= <=K;GFG;=F D9K D=Q=K ?=F=J9D=K <= KM ;9L=?GJ\9 =:=EGK =K>GJR9JFGK=FAF;J=E=FL9JFM=KLJ9H=J;=H;A^F<=LG<GKDGK=D=E=FLGKIM=   ,.)((,$dBDJG;DJ!9DDAE9J<H  <=L=JEAF9FMF9KALM9;A^FEVK9DDV<=MFGKAEH=J9LANGKMLADAL9JAGK;9<9N=R E=FGK HG<=JGKGKj 9 H9JLAJ <= 9IM\ K= =FLA=F<= KM G:B=LANG >AF9D D9 =D9:GJ9;A^F<=MF9;A=F;A9D9*KA;G?=G?J9>\9    .1.L@A.@  i M= MF9 ;GJFAK9 9D :GJ<= <=D 9:AKEG -MK H9K9B=JGK 9M<9;=K Q FA@ADAKL9K;GF<AE=FL9JGFKMKNA<9K;GFD9K;M9DA<9<=KH=J>=;L9K<=D9 #FKMJ?=F;A9 $MN=FLM< #FK9LAK>9;;A^F =KE=KMJ9 LJ=NAEA=FLG #<=9DAKEG (=;=KA<9< H9KAGF9EA=FLG ^;L=D <MJG K^DG H9J9 ?9J?9FL9K@9E:JA=FL9K<=D?JALG?MLMJ9D<=D9;GF;A=F;A9<GDA<99FL=K J=HJAEA<9<=K9>A9FL=#JJ=N=J=FL=D9K;G<9<9\KL9D9=>\E=J9H9KA^F IM= <=K=F;9<=F^ D9 F9<9 #FKM:GJ<AF9<G #FKM>A;A=FL= #FKMKL9F;A9D #FL9F?A:D= #FL=J9DA9<G #FL=J9;LM9<G #FL=J;9E:A9:D= #FL=JE=<A9JAG #FL=JH=D9FL= #FL=JN9DG #FLAEAKL9 #FLJ9FIMADG #FLJZHA<G #FLJA?9FL= #FN=FLANG #FN=JGK\EAD #FN=JKG #FNG;9<GJ #F<^EALG D ;9GK D9 LJ9?=<A9MF9:GE:9;GFLJ9D9?M=JJ9/FK\9D9EM=JL=MF9<A^K9D >MLMJG Q 9D HJ=K=FL= D <9<9\KEG :MK;9:9 Q KM ;9EAFG K= <AJA?\9 @9;A9KMHJGHAGHJ=K9?AGD99:GDA;A^F<=D9JL=j 9<V>M=D9;GF;A=F;A9<=LJ9FK>GJE9J=D9JL=;GEGJ=HJ=K=FL9;A^F =F 9JL= ;GEG 9;;A^F 9<V >M= =D HJAE=J EGNAEA=FLG 9FLA9JL\KLA;G KM G:B=LANG>M=D9F=?9;A^F<=DEMF<G=PAKL=FL=<=LG<9KKMK=PHJ=KAGF=KQ <=D9KB=J9JIM\9KLJ9<A;AGF9D=K9HGKL9JGFHGJDG9FLA=KLZLA;G=D9:KMJ<GQ D9AEHJ=NAKA:ADA<9<<=D9R9JIMAKA=JGF<=KLJMAJ=D9JL=H9J9DD=N9JDG9D9NA<9 Q;GFN=JLAJD9NA<9=F9JL=);GEGDG=PHJ=K9:9!=GJ?=!J9Ki(GMF EGNAEA=FLG A<=GD^?A;G KAFG MF HJG<M;LG GJ?VFA;G IM= KMJB9 ;GEG MF J=9;LANG9D9L=F<=F;A99AJ9F<9F<GHGJD9KFM:=K<=D9JL=;GFKA<=J9F<G    i&m9J;@AL=;LMJ= =L D= $=Mj =F (DIA68= Ff  J==<AL9<G =F T,,3  !=J9J< =< D8JB:CIHG:A6I>;HQA6;DC96I>DC9:Ad!CI:C6I>DC6A:+>IJ6I>DCC>HI:*9J\KH &/-'9JA9=D=F!CH>9:GH69P,=NAKL9<A?AL9D<=;MDLMJ9+>I>D6A%6G<:C$MFAG<=   ;GEGK9?J9<GQIM=K^DGK=<=<A;9:99J=>D=PAGF9JKG:J=DGK;M:GKQ=D ?^LA;GEA=FLJ9KDGK?=F=J9D=K=KL9:9FHAFL9F<G;GFK9F?J=j      #!/,DKV:9<G<=>=:J=JG<=K=AF9M?MJ^=D676G:I.DAI6>G:=F4MJA;@"M?G 9DD=K;JALGJQ<AJ=;LGJ<=L=9LJG@ARGMF9;M=J<G;GF=DHJGHA=L9JAGH9J9MLADAR9JMF9<=D9K @9:AL9;AGF=K LJ9K=J9K H9J9 J=MFAGF=K ;GF =K;JALGJ=K IM\ K= <9J\9F DGK HJAE=JGK AFA;AGK <9<9\KL9K =F FG;@=K <= E`KA;9 :9AD= E9FA>A=KLGK L=GJ\9K HG=E9K HAFLMJ9 EVK;9J9K HJGL9?GFAR9<GK HGJ "M?G 9DD EEQ "=FFAF?K '9J;=D $9F;G .JAKL9F .R9J9 !=GJ?=K $9F;G9F<"9FKJH  F<9JHGJD9;AM<9<HGJDGKDM?9J=KEVK:9F9D=K<=*9J\K>M=D9 HJAE=J9 9;LANA<9< ;GF D9 IM= ;GE=FR^ D9 G6C9: +6>HDC 696 =D  <= 9:JAD<=9D9K LJ=K<= D9L9J<=>J=FL=9D9 A?D=KA9<= -9AFL$MDA=FD= *9MNJ=Q;GF=DD9D9HJAE=J9E9FA>=KL9;A^F<=DH9K=GMJ:9FG;GEG>GJE9 <=6CI>6GI:TKL9>M=MF9GH=J9;A^F=KLZLA;90<;@062;A2;GEHM=KL9<= MF9K=JA=<=AF;MJKAGF=KMJ:9F9KHGJD9KRGF9KEVK76C6A:H<=D9;AM<9< 9IM=DD9K IM= 9H9J=FL=E=FL= FG L=F\9F FAF?`F MKG G J9R^F <= =PAKLAJ FGJE9DE=FL=I:GG6>CK6<J:DM?9J=K<=KHG:D9<GK=FD9IM=MLADAR9JGFMF9 ?J9F ;9EH9]9 HM:DA;AL9JA9  ;GF FME=JGKGK ;GEMFA;9<GK <= HJ=FK9 G;L9NADD9K Q <G;ME=FL9;A^F >GLG?JV>A;9 &GK H9K=GK <9<9\KL9K =J9F   !,-!=GJ?=CK6CI696H  KAEHD=E=FL= NAKAL9K *J=;AK9E=FL= KM 9;LM9;A^F ;GFKAKL\9 =F FG @9;=J F9<9 F D9K G;L9NADD9K <= HM:DA;A<9< <= =KL9K NAKAL9K KAF =E:9J?G K= 9FMF;A9:9F9;LANA<9<=K;GEGD==JL=PLGK=D=?A<GK9D9R9JGJ=?9D9JG:B=LGK 9 DGK LJ9FK=`FL=K KAF =E:9J?G MF9 N=R DD=?9:9F 9D KALAG <= 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J=NAKL9 (DIA6I8= H9J9 D9 <A>MKA^F <= KMKFM=N9KL=GJ\9K;=FLJ9<9K=F=D=KLM<AG<=DG;AGFLJ=KMKAFL=J=K=KQ9 FG=KL9:9D9HG=K\9KAFGMFEG<G<=NANAJ9H9KAGF9<9E=FL=    ,,# J9F;=K;G/6A@H86E:HA6C96G8DBDEGP8I>86:HISI>869J;=DGF9!MKL9NG !ADAH -=?`F#KGMD9HG=K\9;GEG=D9JL=<=:\9 H9K9J HGJ<GK>9K=K<A9DZ;LA;9K=PH9FKA^FQ H=J>=;;AGF9EA=FLG =KHMZK <= D9 <=KLJM;;A^F L=PLM9D <=D <9<9\KEG D9 HG=K\9 K= =F;GFLJ9:9=FD9>9K=<=H=J>=;;AGF9EA=FLGQ=DG:B=LANG<=#KGM=J9;GEHD=L9J=KL9>9K= <= H=J>=;;AGF9EA=FLG E=<A9FL= =D 9;9:9<G <= <=KLJM;;A^F <= H9D9:J9K = AFA;A9J MF9 FM=N9>9K=<==PH9FKA^F  i&9HG=K\9@9;GFKMEA<GKMK`DLAEGK>GJE9DAKEGK56&9HG=K\9=KLV ;GFL=FA<9=FD9>GJE9<=D9;AM<9<j  &GK D=LJAKL9K FG 9<EAL\9F MF9 <AKQMF;A^F =FLJ= MF9 NA<9 J=9D  Q 9DA=F9FL=QMF9NA<9ADMKGJA9Q?J9LA>A;9FL=DDGK<=:\9F;GFN=JLAJD9HJGHA9 NA<9=F9D?GE9J9NADDGKG*MKA=JGF=FHJV;LA;9L=GJ\9K9JIMAL=;L^FA;9KQ<= ;GEHGJL9EA=FLG;GFD9A<=9<=IM=D99JIMAL=;LMJ9AF>DM\9=FD9NA<9<=D9 ?=FL=HGJDGIM=MF9;J\LA;9<=D99JIMAL=;LMJ9K=;GFN=JL\9=FMF9;J\LA;9 <=D9NA<9=F?=F=J9D      #!/,*JG?J9E9HJ=DAEAF9J9DEGNAEA=FLGKALM9;AGFAKL9FD9H9J=<i(G LJ9:9B=KB9EVKj    AL9LGE9<9<=DFf<=(DIA6I8=D9J=NAKL9<=D9#FL=JF9;AGF9D&=LJAKL9;AL9<G=F,,# J9F;=K;G/6A@H86E:HA6C96G8DBDEGP8I>86:HISI>869J;=DGF9!MKL9NG!ADA H    /FL=PLG<=;AKANG<=D9#FL=JF9;AGF9D&=LJAKL9>M=i GJEMD9JAGH9J9MF FM=NG MJ:9FAKEGj =K;JALG =F  HGJ =D JMKG #N9F @L;@=?DGN K=M<^FAEG<=!ADD=K#N9AF=F=DIM=<=>A=F<=MF90<;@A?B006N;49</.9 129.06B1.1=FD9IM=D9LZ;FA;9K=@9<=HGF=J9DK=JNA;AG<=D<=K=G  i&9 9JIMAL=;LMJ9 =K =D E=<AG EVK KAEHD= <= 9JLA;MD9J =D LA=EHG Q =D =KH9;AG<=EG<MD9JD9J=9DA<9<<=@9;=JKG]9JD99JIMAL=;LMJ9<=D E9]9F9 K=JV HM=K MF E=<AG <= EG<A>A;9J D9K ;GF;=H;AGF=K <=D LA=EHGQ=D=KH9;AG-=JVMFE=<AG<=;GFG;AEA=FLGQMFE=<AG<= 9;LM9;A^F D ;GEHD=BG 9JIMAL=;L^FA;G K=JV EG<A>A;9:D= -M 9KH=;LG ;9E:A9JV =F H9JL= G LGL9DE=FL= KA?MA=F<G D9 NGDMFL9< <= KMK @9:AL9FL=Kj  F=KL=DA:JGQ9K=@9J\9L9E:AZFJ=>=J=F;A99D;GF;=HLG<=12?6C.Q D9 0<;@A?B006N; 12 @6AB.06<;2@ IM= <=K9JJGDD9J\9 HGKL=JAGJE=FL= !MQ =:GJ< &9 !CI:GC68>DC6A $:IG>HI6 K=J\9 KA=EHJ= MF J=>=J=FL= =F D9 !CI:GC68>DC6A+>IJ68>DC>HI6KG:J=LG<G =FKMK;GEA=FRGK&GKE6H:DH<= DGK D=LJAKL9K ;GFKAKL\9F =F 9F<9J =F ?JMHG HGJ D9 ;AM<9< FG;LMJF9 <=BVF<GK=DD=N9JHGJ DGK9;GFL=;AEA=FLGKAEHJ=NAKLGKH9K9F<G<= :9J =F :9J <AK;MLA=F<G L=GJ\9K = A<=9K <= J=NGDM;A^F ZKL9 =J9 KM >GJE9 <= E9FA>=KL9J J=;@9RG 9FL= =D KAKL=E9 ;9HAL9DAKL9 :MJ?MZK AEH=J9FL= -MK H9K=GKLGE9:9FD9>GJE9<==2?1606<;2@HGJ=D*9J\KFG;LMJFG*9K=9JKAF <=B9J @M=DD9K *JG:9:D=E=FL= L9E:AZF MF9 >GJE9 <= J=;@9RG 9FL= D9K >GJE9DA<9<=K <=D 9JL= .G<9N\9 L=F\9F =D ;9JV;L=J <= D=;LMJ9 KM:B=LAN9 <=D 9E:A=FL= IM= Q9 MK9JGF DGK KMJJ=9DAKL9K = AF;DMKG E9FL=F\9F D9 AEHGJL9F;A9 <=D AF;GFK;A=FL= Q <=D 9R9J =F D9 HJV;LA;9 H=JG ;GF D9 <A>=J=F;A9<=IM==DDGKHJ=L=F<\9FD92E=9<?.06N;</72A6C.<=D9NA<9J=9D QHGJL9FLG<=D9;AM<9<J=9D   i=KHMZK <= LG<G =J9 D9 HG=K\9 EG<=JF9 <MJ9FL= DGK `DLAEGK ;A=F 9]GK D9 IM= FGK ?MA^ @9;A9 9DD\ (GKGLJGK ZJ9EGK MF HM]9<G IM= H=FK9:9 IM= =J9 F=;=K9JAG ;GFN=JLAJ KM HJG?J9E9 =F J=9DA<9< Q DD=?9<G=D;9KGFG@9;=JFAF?MF9GLJ9;GK9j  =:GJ<>M=J=9DE=FL=MF@GE:J=>9K;AF9FL=QKMNA<9MF99N=FLMJ9 "ABG <= :MJ?M=K=K 9JJMAF9<GK K= F=?^ 9 =KLM<A9J H9J9 G:L=F=J MF9 HJG>=KA^F =KL9:D= =F D9 KG;A=<9< Q J=;MH=J9J  D9 HGKA;A^F H=J<A<9 <= KM >9EADA9<A;LG9D9D=;LMJ9KAF=E:9J?G;MDLAN9J\9KMK<GL=KDAF?a\KLA;9KQ <= GJ9LGJA9 9K\ ;GEG D9 HJV;LA;9 <=D 9:IDJGC:B:CI DAF?a\KLA;G =K <=;AJ ;GHA9F<G Q :9F9DAR9F<G =D H=FK9EA=FLG Q DGK =K;JALGK <= GLJGK 9MLGJ=K i;GFK9?J9<GKjKAF;AL9JD9K>M=FL=KDGIM=D=H=JEALA^<=K9JJGDD9JMF?J9F HG<=J <= =PHJ=KA^F Q =NG;9;A^F HM=K DD=?9J\9 9 K=J =D D\<=J <=D9 #FL=JF9;AGF9D-ALM9;AGFAKL9  i.MN=D9GHGJLMFA<9<<=D==JN9JAGKDA:JGK:9KL9FL=:M=FGK9H9JLAJ<= DGK ;M9D=K =K KA=EHJ= HGKA:D= =F;GFLJ9J HGJ MFG EAKEG LG<GK DGK GLJGKGAF;DMKG=K;JA:AJDGKIM=LG<9N\9>9DL9Fj  M=MF=KLM<AGKG<=D9=KLJ9L=?A9EADAL9JIM=ZDLJ9KD9<^9D9DM;@9<= ;D9K=K -M NA<9 J=KHGF<A^ 9 MF D`;A<G <=K=G <= J=NGDM;A^F <= =F>J=FL9EA=FLG9FL=9IM=DD9KG;A=<9<;9HAL9DAKL9D=B9F9<=K=JMF9MLGH\9 H=JGIM=FGHGJ=DDG<=B9:9<=;GFL=F=JDGKAF?J=<A=FL=K<=D9>=DA;A<9<D 9JIMAL=;LG*=<JG!,GE=JGKA?M=D9K@M=DD9K<==:GJ<<MJ9FL=MF9<= KMK=KL9F;A9K=F-=NADD9FKM=FK9QGFGK<A:MB99MF=:GJ<IM=9`F   ),!MQ(6C:<UG>8D'9<JA<;M9J=D9&A:JGKE&9N=JKA^FGJA?AF9D<==KL= <G;ME=FLG>M=HM:DA;9<9=F>J9F;ZKHGJ!9DDAE9J<=F&GK=PLJ9;LGKJ=;GHAD9<GK=F =KL= <G;ME=FLG ;GJJ=KHGF<=F 9 D9 LJ9<M;;A^F ;9KL=DD9F9 <= .GEVK !GFRVD=R &^H=R Q E9<GJ =JFVF<=R-9N9L=J(6C:<UG>8D'9<JA<;M9J=D9&A:JGK KLGD=@9N9DA<GIM=EM;@GK;J\LA;GK@9Q9FL9;@9<GKMKL=GJ\9K<=FGK=JGJA?AF9D=K ),!MQ(6C:<UG>8D'9<JA<;M9J=D9&A:JGKE ,)',)*=<JG!,:G8:G6KSGI:7G6IDGP8>86GE=FL9JAGK9i(A=FD9NA<9FA=FD9 EM=JL=j KG:J= D9K =KL9F;A9K <= !MQ =:GJ< =F -=NADD9*M:DA;9<G =F =D EGFG?JV>A;G iDG?AG <= !MQ =:GJ<j J=NAKL9 *:;G68IDG C^  '9<JA<  0Z9K= L9E:AZF =F D9 HV?AF9O=:@LLHOOO9DL=<A;AGF=K;GE9K@;JALA;9@LE  >A=DLJ9:9B9<GJ=FKMA<=GDG?\9HGD\LA;9QKG;A9DFG<=KHJ=;A9=D<AK>JML=<= DGK HD9;=J=K <= D9 NA<9 -MK 9EA?GK ;9E9J=JGK K=NADD9FGK DG <=K;JA:=F ;GEGiMF>J9F;ZK9DLGQ?GJ<G@AF;@9<GHGJD9:=:A<9<=;9EAF9JD=FLGQ LGJH=@9:D9:9HG;GQFGK=D==FL=F<\9;M9F<GDG@9;\9HM=K@9:D9:9Q9 :GJJ9;@G56MJ9FL==D<\9H=JE9F=;\9=FD9;9K9:=:A=F<GLJ9:9B9F<G =FG;@=KGD\9K=?MAJD9:=J\FLA;9KJML9KHGJDGK;9>ZKQ:9J=KJ=;9D9F<G >AF9DE=FL= =F D9 .9:=JF9 <= *AD9LGK >9EGK9 HGJIM= =F =DD9 K= HG<\9 ;GFK=?MAJ9:K=FL9jTDEAKEG9<EALAJ\9=F9D?MF9G;9KA^FKM9>A;A^FHGJ D9 :=:A<9 aCIG: A6H ED86H 8DH6H FJ: 9>H;GJIS N HJE: =68:G 7>:C =: :H8G>IDB:CDHFJ:A6B6NDGU69:ADHFJ: :H8G>7:CE:GD:C8DBE6G68>XC 8DCADHFJ:7:7:C=:7:7>9DBJ8=DBPHj  =:GJ<K=IMAL^D9NA<9=F;M9F<G=KL9:99HMFLG<=;MEHDAJ 9]GK<AKH9JVF<GK=MFLAJG=F=D;GJ9R^F-=AK9]GK9FL=K9EG<G<= MF 49J9LMKLJ9 K9LAK>=;@G HGJ @9:=J ;GFLJA:MA<G =F =D EGNAEA=FLG <= D9 "AKLGJA9 Q <= @9:=J KA<G D=9D 9 KMK KM=]GK <=B9J\9 =K;JALG =FKM (6C:<UG>8D  i(9<A=@9K9:A<GE=BGJIM=-@9C=KH=9J=;^EGK=H9K9D9NA<9&= H9J=;= IM=  :HI6BDH =:8=DH 9: A6 B6I:G>6 9: CJ:HIGDH HJ:WDH 9D<=J^F DD=?^ 9 D9 EAKE9 ;GF;DMKA^F D E=FGK =KLGQ K=?MJG <= @9:=JDG?J9<G;GEMFA;9J9IM=DDGK=D=E=FLGKF=;=K9JAGKH9J9IM==F LG<G DG IM= 9 E\ J=KH=;L9 D9K ;GK9K @9Q9F IM=<9<G ;D9J9K Q FG H=J<MJ=FAF?`FLAHG<=EAKL=JAGGADMKA^Fj      ,)',)*=<JG!,:G8:G6KSGI:7G6IDGP8>86GE=FL9JAGK9i(A=FD9NA<9FA=FD9 EM=JL=j KG:J= D9K =KL9F;A9K <= !MQ =:GJ< =F -=NADD9*M:DA;9<G =F =D EGFG?JV>A;G iDG?AG <= !MQ =:GJ<j J=NAKL9 *:;G68IDG C^  '9<JA<  0Z9K= L9E:AZF =F D9 HV?AF9O=:@LLHOOO9DL=<A;AGF=K;GE9K@;JALA;9@LE ),!MQ(6C:<UG>8D'9<JA<;M9J=D9&A:JGK !7>9:B   .?2.96G.06N;1297B24<9.12?6C.  M9F<GK=D==FDGKL=PLGKKALM9;AGFAKL9KIM=<9AFE9F=FL=KA=EHJ= MF J9KLJG 9 J=NGDM;A^F HGD\LA;9 =F ;9<9 MF9 <= KMK HJGHM=KL9K Q <AK;MKAGF=KAF;DMKGD9K:AG?J9>\9K<=KMKHJGL9?GFAKL9KLA=F=FMF;9JV;L=J H9JLA<AKL9DG;M9DLA=F==PHDA;9;A^FHM=K;9<9MFG<=DGK9MLGJ=KHG<J\9 <=;AJK=IM==J9FHGD\LA;9E=FL=9;LANGK  &9H9D9:J9<=JAN9LMNGKMGJA?=F=F=DLZJEAFG9SG>K:GIM=KA?FA>A;9 9:G>K6GK6<6G&9HJAE=J9N=RIM=K=HJGFMF;A^=KL9H9D9:J9#HGJ DGKKALM9;AGFAKL9K>M==F=D=FK9QGDGBJA6G>DE6G6 JC CJ:KD JG76C>HBD =K;JALG=FHGJ6992@C.6;IMA=F<=>=F<=J\9MF9;AM<9<;9E:A9FL= ;GFKL9FL=E=FL= EG<A>A;9<9 HGJ KMK @9:AL9FL=K Q =F D9 IM= iD9 HJAF;AH9D 9;LANA<9<<=DGK@9:AL9FL=KK=J\9MF9,#0)(.#(/D;9E:AG<= H9AK9B=K =FLJ= MF9 @GJ9 Q D9 KA?MA=FL= K=JV J=KHGFK9:D= <= D9 -),#(.#q(;GEHD=L9j  F!MQ=:GJ<=K;JA:AJ\9KM!CIGD9J88>XC6JC68GUI>86JG76C6 <GF<= =PHGF\9  9D?MFGK EZLG<GK H9J9 iD9 G:K=JN9;A^F <= 9D?MFGK HJG;=KGK<=D 9R9JQ<= DGHJ=NAKA:D==FD9K;9DD=Kj/F 9]G <=KHMZK =F  =K;JA:AJ\9   $    =:GJ< <=>AF= <=JAN9 ;GEG i <1<120<:=<?A.:62;A<2E=2?6:2;A.9964.1<.9.@0<;1606<;2@12 9. @<0621.1 B?/.;. AK0;60. 12 =.@< 6;6;A2??B:=61< . A?.CK@ 12 .:/62;A2@ 16C2?@<@ &2 B@. A.:/6K; :.@ 2@=20L360.:2;A2 =.?. 12@64;.?9.1B?.06N;12B;272?0606<0<;A6;B<122@A.2E=2?62;06.j -=LJ9L9:9HGJL9FLG<=DJ9KLJ=G<=<A>=J=FL=KMFA<9<=K<=9E:A=FL==FD9   #0#(!ADD=K=FD9J=NAKL9#FL=JF9LAGF9D=-ALM9LAGFFAKL=.J9<M;;A^F=PLJ9\<9 <=!CI:GC68>DC6AH>IJ68>DC>HI6KDA!$6G:6A>O68>XC9:A6GI:'9<JA<&AL=J9LMJ9!JAK  ), !MQ =F D9 J=NAKL9 #FL=JF9LAGF9D= -ALM9LAGFFAKL=  .J9<M;;A^F =PLJ9\<9<=!CI:GC68>DC6A+>IJ68>DC>HI6KDA!$6G:6A>O68>XC9:A6GI:'9<JA<&AL=J9LMJ9 !JAK  ), !MQ i=>AFA;AGF=Kj=F D9 J=NAKL9 #FL=JF9LAGF9D= -ALM9LAGFFAKL=  .J9<M;;A^F=PLJ9\<9<= !CI:GC68>DC6A H>IJ68>DC>HI6KDA !$6 G:6A>O68>XC9:A 6GI: '9<JA<&AL=J9LMJ9!JAKH  ;AM<9< <=D <=9E:MD9J E=L^<A;G =F :MK;9 <= >G;GK <= AJJ9<A9;A^F <= =EG;AGF=KH9J9KMDG;9DAR9;A^FQ<=K;JAH;A^F  &9 <=JAN9 9 LJ9NZK <= D9 ;AM<9< ;GFKLALMQ^ KAF <M<9 MF9 <= D9K HJV;LA;9K EVK HGZLA;9K <= 9IM=DDGK B^N=F=K 9N=FLMJ=JGK KALM9;AGFAKL9K <GF<=K=LJ9R9:9MF9MLGH\9<=DA:=JL9<<=FM=N9;GFKLJM;;A^F<=D9NA<9 ;GLA<A9F9-=G:KLAF9:9F=F<=K;M:JAJDGEVKHJG>MF<G<=DE9D<=D9ZHG;9 QKG]9:9F;GFKMLGL9DLJ9FK>GJE9;A^F;GFMF9J=NGDM;A^FLGL9DH9J9=DDG :MK;9:9FD9KJ=KHM=KL9K=FDGKHDA=?M=KEVKK=;J=LGK<=D9;AM<9<=FD9 NA<9<=D<\99<\9AFN=FL9<99;9<9AFKL9FL=HGJD9?=FL=D9JL=H9K9:9 =FLGF;=K9<=K9JJGDD9JK==KHGFLVF=9E=FL==FD9K;9DD=KQ=FD9;AM<9<Q9 KMN=RK=;GFN=JL\9=FD9`FA;9G:J9<=9JL=HGKA:D=-=HG<J\9<=;AJIM=D9 <=JAN9>M=MF9;GFK=;M=F;A9<=D9NA<9:G@=EA9IM=9;9=;\9=F*9J\K<= D9K D9J?9K ;GFN=JK9;AGF=K FG;LMJF9K =F J=KL9MJ9FL=K Q :9J=K <= H9K=GK KAF>AFHGJD9K;9DD=K<=D9KAFIMA=LM<=K<= MF?JMHG<=B^N=F=K9JLAKL9K KL= ?J9F BM=?G K=J\9 HGKL=JAGJE=FL= <=K9JJGDD9<G ;GF =PH=JA=F;A9K Q D9 <=>AFA;A^F;D9J9QJA?MJGK9<=MF9L=GJ\9*=JGD9<=JAN9;GE=FR^;GEGMF 4?.; 7B24< <GF<= K= 9JJA=K?9:9 =D =B=J;A;AG <= D9 DA:=JL9< H=JG K= =NAL9:9 MF9 i<= D9 EVK J=HM?F9FL= <= D9K ;GEG<A<9<=K KM:KLALMLG =FE9K;9J9<G <= D9 EM=JL= K=?`F =:GJ< D9 J=H=LA;A^F 563 9IM\ K= AEHGF\9 =D EG<=DG <=D BM=?G =F =D K=FLA<G =F =D IM= =D 9JLAKL9 BM=?9 ;M9F<G9D>ADG<=KMG:J9HJGHGF=MF9EG<MD9;A^FAFZ<AL9Q<=K=9:D=<=D ;MJKG <=D LA=EHG Q <=D <=KHDA=?M= <=D =KH9;AG /F BM=?G <= =KL= LAHG ;GFKAKL\9 =F D9 2E=2?6:2;A.06N; 129 :216< B?/.;< 9D ;9HJA;@G <= MF <=9E:MD9JIM=N=F<J\99;GDGJ=9JGK=DD9JD9;M9DA<9<H9JLA;MD9J<=DM?9J=K 9LJ9N=K9<GK Q <= :J=:9B=K <=?MKL9<GK HG;G 9 HG;G L9FLG ;GEG =F=D <=K9JJGDDG<=DGKG:B=LANGKjK\D9H9D9F;9<=9;;A^F<=9IM=DBM=?G>M=    ), !MQ ,:DGU6 9: A6 9:G>K6 =F D9 J=NAKL9 #FL=JF9LAGF9D= -ALM9LAGFFAKL=   .J9<M;;A^F =PLJ9\<9 <= !CI:GC68>DC6A H>IJ68>DC>HI6 KDA ! $6 G:6A>O68>XC 9:A 6GI: '9<JA<&AL=J9LMJ9!JAKH &(",9FA=Di=:GJ<<9FKD=:JMAL<=D9;9L9J9;L=<ML=EHKj.=PLG=K;JALG=F  9 H=LA;A^F <= '9P D=;@E9F H9J9 D9 J=;GHAD9;A^F IM= =<AL^ ;GF =D IUIJAD *:KDAJI>DC6GN *DB6CI>8>HB  GJC@:C D6I CI=DAD<N ALQ &A?@LK GGCK -9F  D9 0<;@A?B006N; 12 @6AB.06<;2@ <= <GF<= D9 #FL=JF9;AGF9D -ALM9;AGFAKL9 LGE^KMFGE:J=DHJG;=<AEA=FLG;GFKAKL\9=FD9;J=9;A^F<=9E:A=FL=K =K;=F9JAGKKALM9;AGF=KLJ9FKALGJA9K<=K<=D9KIM==DAF<ANA<MGG?JMHG<= AF<ANA<MGKK9LAK>A;A=J9FKMK<=K=GKGNANA=J9FMF99N=FLMJ9  i&9 #- HJGHGF= IM= DGK H9JIM=K H`:DA;GK Q D9 J=< <=D >=JJG;9JJAD E=LJGHGDAL9FGH=JE9F=R;9F9:A=JLGK<MJ9FL=<GL9D9FG;@=;GFMF9DMR <=KN9\<9 QG AFL=JEAL=FL= H9J9 ;J=9J ;GF<A;AGF=K HKA;G?=G?J9>A;9K EG<A>A;9J D9K >9JGD9K AF;GJHGJ9F<G AFL=JJMHLGJ=K IM= HGKA:ADAL=F IM= D9 ?=FL=BM=?M=;GF=DD9K<=KLJMAJDGK ;=E=FL=JAGKQDGKEMK=GK;GFD9 AFL=F;A^F<=J=H9JLAJD9KG:J9K<=9JL==FLJ=<AN=JKGK:9J=K=AF;DMKG IM=  E=<A9FL= MF9 <=L=JEAF9<9 <AKHGKA;A^F <= D9K =K;9D=J9K <= AF;=F<AGK Q D9 ;J=9;A^F <= H9K9J=D9K <GF<= K=9 F=;=K9JAG K=9F 9:A=JL9K9DH`:DA;GD9K9RGL=9K<=*9J\KH9J9H9K=9JK=HGJ=DD9Kj  ;GFLAFM9;A^F<=K?DGK9EGKD9K;9J9;L=J\KLA;9K<=D9L=GJ\9H9JLA=F<G <=DL=PLG$6I:DGU69:A69:G>K6<=!MQ=:GJ<    @=20A<@0<;@A6ABA6C<@129.12?6C.   9JV;L=JAFL=F;AGF9D<=G:B=LANA<9< /F9 <= D9K <A>=J=F;A9K EVK HJGFMF;A9<9K <= D9 <=JAN9 KALM9;AGFAKL9 ;GF J=KH=;LG 9 D9K <=9E:MD9;AGF=K KMJJ=9DAKL9K =J9 KAF <M<9 =D ;9JV;L=J G:B=LANGIM=DGKKALM9;AGFAKL9KHJ=L=F<\9F<9JD=9D9<=JAN9D=FMF;A9JMF9 A2<?L. =:GJ< HJ=L=F<A^ <=KE9J;9JK= <= D9 AJJ9;AGF9DA<9< AF;GFK;A=FL= KMJJ=9DAKL9AFL=FL9F<G9<GHL9JMFIDCD8>:CIU;>8D      J9F;AK;G.J9<M;;A^F<=>J9F;ZK<=.GFA'9D9?JA<9=FDAA:IDHI8SI:G6C^:C A6E6<>C6L:7@LLHOOO9DL=<A;AGF=K;GE9K@;JALA;9@LE  .3 &=NAF =F ')()/!" . k &0#( .3 k (#(# '  +>IJ68>DC>HI6HGI: EDA>I>86JG76C>HBD9J;=DGF9;L9JH  i/F:9JDD9E9<GJ7JI9JBDC9:5D>AF9D<=DEMF<G6KALM9<G=F=D D\EAL=<=MF9<=D9KMFALZK<m9E:A=F;=EVK;GFKAKL=FL=K<=*9J\Kk=D <AKLJALG <= D9 ,M= 'GM>>=L9J< k .GMJF=>GJL k &@GEGF< k FG =KLV 9DD\ HGJIM= K\ &GK 9;GFL=;AEA=FLGK K^DG H=JL=F=;=F 9D 9R9J EA=FLJ9KK= <=K;GFG;=F D9K  D=Q=K ?=F=J9D=K <= KM ;9L=?GJ\9 =:=EGK =K>GJR9JFGK=FAF;J=E=FL9JFM=KLJ9H=J;=H;A^F<=LG<GKDGK:A:B:CIDH FJ:9:I:GB>C6CJC6H>IJ68>XCBPH6AAP9:JCDH>BE:G6I>KDHJI>A>I6G>DH 8696K:OB:CDHED9:GDHDHj  =:GJ<J=;@9R9:9LGL9DE=FL==D<=KHJ=;AGIM==D 9F9JIMAKEG L=F\9 @9;A9 =D :KA<1< &GK 9F9JIMAKL9K ;GF>A9:9F HD=F9E=FL= =F =D ;MJKG F9LMJ9D <= DGK 9;GFL=;AEA=FLGK H9J9 IM= KM;=<A=J9 MF9 J=NGDM;A^F &9 <=>=FK9 <=:GJ<A9F9 KAF =E:9J?G 9EH9J9:9 D9 9;LM9;A^F ;GFK;A=FL=Q E=L^<A;9-=9;=HL9:9=D9R9J;GEG;GFLJ9HGKA;A^FH=JGD9<=JAN9FGK= :9K9:9=FZD;GEGDG@9:\9F@=;@GD9K<=9E:MD9;AGF=KKMJJ=9DAKL9K&9 <=JAN9 =KL9:9 KGE=LA<9 9 ;A=JL9K J=?D9K K=?M\9 MF9 E=LG<GDG?\9 HJ=<=L=JEAF9<9<=H=F<A=F<G<=D9K;9J9;L=J\KLA;9KHKA;G?=G?JV>A;9K<=D9 MFA<9<9E:A=FL=99F9DAR9J *GJ GLJGD9<G=D G:B=LANG`DLAEG<=D9 <=JAN9 =J9D9 ;J=9;A^F <=MF9 FM=N9 062;06. D9 *KA;G?=G?J9>\9 ;GF;=HLG IM= <=K9JJGDD9J=EGK 9EHDA9E=FL=EVK9<=D9FL==F=KL=DA:JG   9JV;L=JMJ:9FG &9 <=JAN9 >M= <AK=]9<9 ;GEG :KA<1< 12 920AB?. 49</.9 <= D9K ;AM<9<=KAF<MKLJA9D=K<GF<=D9JAIM=R9QN9JA=<9<<==KH9;AGK=K;GFLAFM9 QD9KAFL=JJMH;AGF=K<=D9R9JKGFH=JE9F=FL=K&GKKALM9;AGFAKL9L9;@9:9F D9K<=9E:MD9;AGF=KKMJJ=9DAKL9K<=9:MJJA<9KHGJLJ9L9JK=<=J=;GJJA<GK9 LJ9NZK<==KH9;AGK;9EH=KLJ=KN9KLGKQ<=K@9:AL9<GK     i&m9J;@AL=;LMJ==L D= $=Mj=F (DIA6I8= Ff;AL9<G =F(,).# &A:=JG )-. 29NA=J=<i&9HGD\LA;9MJ:9F9<=D9#FL=JF9;AGF9D-ALM9;AGFAKL9j+>IJ68>DC>HI6H6GI: EDAUI>86JG76C>HBD'MK=G<mJLGFL=EHGJ9FA<=9J;=DGF99J;=DGF9;L9JH    9JV;L=J;GFK;A=FL= D0.?I0A2?0<;@062;A2<=D9<=JAN9=KGLJ9<=D9K;9J9;L=J\KLA;9<= D9 <=JAN9 IM= D9 <AKLAF?M= <= D9 ;ARC:G>: <= 9M<=D9AJ= Q <= D9K <=9E:MD9;AGF=K AF;GFK;A=FL=K KMJJ=9DAKL9K &9 <=JAN9 K= LJ9L9:9 <= MF EZLG<GIM=L=F\9IM=L=F=J;GEG;9EHG<=9;;A^FD9HJGHA9NA<9J=9D&GK G:J=JGK <=:\9F J=9DAR9J KMK KM=]GK HGJ K\ EAKEGK LJ9:9BVJK=DGK ;GFK;A=FL=E=FL=i=J9F=;=K9JAG9;LM9J=FN=R<=KG]9Jj-=LJ9L9:9<= ;GFKLJMAJKALM9;AGF=K>M?9;=KH=JG;GFK;A=FL=K   D9R9J D.G.?BM=?9MFH9H=DEMQ AEHGJL9FL==FD9<=JAN9(G@9QIM= GDNA<9JIM=DGKKMJJ=9DAKL9KQ9>M=JGFHJ=;MJKGJ=K=F<=9E:MD9;AGF=K<= ;9JV;L=J LGL9DE=FL= 9D=9LGJAG &9 <=JAN9 =KL9:9 DA?9<9 AF<AKGDM:D=E=FL= 9 MF;GEHGJL9EA=FLGD`<A;GDA:J=KAFJ=KLJA;;AGF=KQKAFDM?9J<=DD=?9<9G K9DA<9HJ=<=L=JEAF9<GDGIM=D9GHGF=LGL9DE=FL=9D9KFG;AGF=K;DVKA;9K <=NA9B=GH9K=GIM==KLVFKMH=<AL9<GK9K9DAJQ9DD=?9J9MFGKDM?9J=K >ABGK ,=KH=;LG 9D 9R9J =:GJ< 9>AJE9 IM= iD9 H9JL= 9D=9LGJA9 =K 9IM\ E=FGKAEHGJL9FL=<=DGIM=K=;J==<=K<==DHMFLG<=NAKL9<=D9<=JAN9 =PAKL= MF J=DA=N= HKA;G?=G?JV>A;G <= D9K ;AM<9<=K ;GF ;GJJA=FL=K ;GFKL9FL=KHMFLGK>ABGKQLGJ:=DDAFGKIM=<9F9;;=KG9K9DA<999D?MF9K RGF9KEMQH=FGK9Kj!MQ=:GJ<J=D9;AGF9=D;GF;=HLG<=9R9J;GF=D <= A62:=< F 0<@AB:/?2 *M=K 9 E=<A<9 IM= =D KMB=LG IM= <=JAN9 N9 KA=F<G ;GFK;A=FL= <= D9 <AKLJA:M;A^F HKA;G?=G?JV>A;9 <=D DM?9J HGJ =D IM= <=9E:MD9 =D 9R9J N9 H=J<A=F<G =>=;LG =F =D HJG;=KG <= K=D=;;A^F <= J=;GJJA<GKQ;J=9;A^F<=KALM9;AGF=K=FD9<=JAN99;;A^FIM=N9J=;G:J9F<G =D<=K=GQD9NGDMFL9<<=DKMB=LGA;==:GJ<i*=JGD99;;A^F<=D9R9J=K ;GFK=JN9<GJ9HGJF9LMJ9D=R9QLA=F<==FMFFM=NGE9J;G9J=<M;AJLG<G9 D99DL=JF9F;A9<=MF9K=JA=DAEAL9<9<=N9JA9FL=KQ9D9;GKLME:J=jF=KL=   ,,# J9F;=K;G/6A@H86E:HA6C96G8DBDEGP8I>86:HISI>869J;=DGF9!MKL9NG !ADAH ),!MQi*GKA;AGF=KKALM9;AGFAKL9KKG:J=D9;AJ;MD9;A^Fj=F$68G:68>XC67>:GI6N HJH:C:B><DH'9<JA<&9*AIM=L9H  K=FLA<G =:GJ< ;JALA;9 <MJ9E=FL= 9 DGK KMJJ=9DAKL9K ;9DA>A;9F<GKMK <=9E:MD9;AGF=K<=>J9;9K9<9KHGJiMF=P;=KG<=;GF>A9FR9;GFJ=KH=;LG 9D9R9JQ9KM=EHD=GA<=GD^?A;Gj   &GK<=JAN=9FL=K -=?`FK==PHGF==F=DL=PLG<=D9L=GJ\9=J9;GFN=FA=FL= IM= D9 <=JAN9 K= @A;A=K= HGJ  iN9JAGK ?JMHGK H=IM=]GK <= <GK G LJ=K H=JKGF9K MFA<9K HGJ MF EAKEG =KL9<G <= ;GFK;A=F;A9 D 9FVDAKAK ;GFBMFLG <= D9K AEHJ=KAGF=K <= DGK <AKLAFLGK ?JMHGK <=:= H=JEALAJ DD=?9J 9 MF9K ;GF;DMKAGF=K G:B=LAN9Kj `F 9K\ K= =KL9:D=;= D9 HGKA:ADA<9< <= @9;=J <=JAN9=FKGDAL9JAG;GEGG;MJJ\9;GFD9<=JAN9=KLVLA;9/F9N9JA9FL=<=D9 <=JAN9>M=D9i06A.=<@6/92jIMARVK<=<GF<=K=AFKHAJ^GJLVR9JH9J9KM ,9QM=D9i6C9P76BDHH>C7JH86GCDHE:GDH67>:C9DFJ:6C9P76BDHE6G6 :C8DCIG6GCDHj D HJGHAG E=;9FAKEG F9JJ9LANG <= ,9QM=D9 ;GF KM EMDLAHDA;A<9< <= D=;LMJ9K HGKA:D=K 9K\ ;GEG DGK L=PLGK <= #L9DG 9DNAFG HM=<=F AFL=JHJ=L9JK= ;GEG MF9 =KH=;A= <= <=JAN9 DAL=J9JA9 = @=;@G =:GJ<QK?=J$GJFHJGHMKA=JGFMFDA:JG=F=DIM=;9<9HV?AF9K=D=Q=J9 =FLG<GKDGKK=FLA<GK     DLA=EHG (GJE9DE=FL=KM<MJ9;A^F=J9<=B;.7<?;.1.LA=EHG;GEHJ=F<A<G =FLJ=<GKH=JAG<GK<=KM=]G9MFIM==DH=JAG<GK=HG<\9=PL=F<=J@9KL9 K=E9F9KGAF;DMKGE=K=K<=H=F<A=F<G<=D9HGKA:ADA<9<<=@9;=JH9MK9K <=D ;DAE9 G AF;DMKG i<= ;G?=J MF L9PA ;GF =D >AF <= >9NGJ=;=J D9 <=KGJA=FL9;A^FH=JKGF9Dj    ),!MQ ,:DGU6 9: A6 9:G>K6 .J9<M;;A^F =PLJ9\<9 <= !CI:GC68>DC6A H>IJ68>DC>HI6 KDA!$6G:6A>O68>XC9:A6GI:'9<JA<&AL=J9LMJ9!JAKH !7>9:B ,,# J9F;=K;G/6A@H86E:HA6C96G8DBDEGP8I>86:HISI>869J;=DGF9!MKL9NG !ADAH    D=KH9;AG &9=PL=FKA^FEVPAE9HG<\9K=J<=MF9?J9F06B1.1QKMK9>M=J9K EA=FLJ9KIM=D9=PL=FKA^FE\FAE9=J9<=MF/.??6<PAKL\9GLJ9EG<9DA<9< <= <=JAN9 D9 <=FGEAF9<9  ! -= LJ9L9:9 <= MF =PLJ=EG Q ;GFKAKL\9=FH=JE9F=;=J=F=DAFL=JAGJ<=MF2163606<KAFK9DAJ<MJ9FL=MF9 BGJF9<9&9 HJ=;AKA^F <=D =KH9;AG<= D9 <=JAN9 <=H=F<\9<= <GK GH;AGF=K E=LG<GD^?A;9K   `KIM=<9 <=D L=JJALGJAG E=<A9FL= MF B?/.;6@:< =@60<42<4?I360< F =KL= ;9KG =D =KH9;AG K= <=L=JEAF9 ;GF 9FL=D9;A^F Q K= =KLM<A9F D9K <AJ=;;AGF=K<=H=F=LJ9;A^FQEGNAEA=FLG   `KIM=<9 <= =EG;AGF=K <=K;GF;=JL9FL=K E=<A9FL= D9 12@<?62;A.06N; M9F<G K= :MK;9 D9 <=KGJA=FL9;A^FD9KAFL=J>=J=F;A9KIM=K=HJG<M;=F KGFE`DLAHD=KHGJDGIM=K=BM=?9;GFD9K<AKLAFL9K N9JA9:D=K               =<?A.06<;2@129.12?6C.  .#@60<42<4?.3L.   /F9 <= D9K HJAF;AH9D=K 9HGJL9;AGF=K <= D9 <=JAN9 >M= =D =KL9:D=;AEA=FLG <= MF9 9;LANA<9< =K=F;A9DE=FL= 9JL\KLA;9 ;GF MF9 ;D9J9 9HDA;9;A^F KG;A9D D9 *KA;G?=G?J9>\9 >=;LAN9E=FL= =D G:B=LANG >AF9D <= D9 <=JAN9 >M= D9 ;GFKLJM;;A^F <= =KL9 FM=N9 ;A=F;A9 'VK ;GF;J=L9E=FL= =:GJ<D9<=>AFA^;GEGaA6I:DGU69:AJHD8DB7>C69D9:A6H6GI:HN9:A6 IS8C>86E6G6A68DCHIGJ88>XC>CI:<G6A9:JC6B7>:CI::CG:A68>XC9>CPB>86 8DC :ME:G>B:CIDH :C :A 8DBEDGI6B>:CIDb /F9 <= KMK HJAF;AH9D=K E9FA>=KL9;AGF=K L=F<J\9 DM?9J =F D9 J=9DAR9;A^F <= MF9 ;9JLG?J9>\9 AF>DM=F;A9D ;MQG `DLAEG >AF K=J\9 =D <= aIG6CH;DGB6G A6 6GFJ>I:8IJG6 N :A JG76C>HBDb F =D 9JL\;MDG i!CIGD9J88>XC 6 JC6 8GUI>86 9: A6 <:D<G6;U6 JG76C6b  =:GJ< @ARG J=>=J=F;A9 HGJ HJAE=J9 N=R 9 D9 ;J=9;A^F <= ;9JLG?J9>\9K <= =EG;AGF=K =K <=;AJ E9H9K IM= ;9HL9J9F D9K =EG;AGF=K KMK;AL9<9KHGJDGK<AKLAFLGK9E:A=FL=KMJ:9FGKGF;J=L9E=FL=;AL^GLJG HD9FGIM=9H9J=;A^=F =D =FK9QG =K;JALGHGJMFKG;A^DG?GH9JAKAFG "=FJQ @GE:9JL<=&9MO=i*9JAK=LDm9??DGEZJ9LAGFH9JAKA=FK=j     ),!MQ ,:DGU6 9:A6 9:G>K6.J9<M;;A^F =PLJ9\<9 <= !CI:GC68>DC6AH>IJ68>DC>HI6 KDA!$6G:6A>O68>XC9:A6GI:'9<JA<&AL=J9LMJ9!JAKHH ),!MQi#FLJG<M;LAGF9MF=;JALAIM=<=D9?=G?J9H@A=MJ:9AF=j$:HA>KG:HCJ:H Ff K=HLA=E:J=  H  LJ9<M;A<G 9D AF?D=K ;GEG i#FLJG<M;LAGF LG 9 ;JALAIM= G> MJ:9F ?=G?J9H@Qj =F %( %=F +>IJ6I>DC>HI !CI:GC6I>6DC6A CI=DAD<N 9DA>GJFA9 =JC=D=Q9DA>GJFA9HH  KL= HD9FG 9H9J=;= ;GEG ADMKLJ9;A^F =F *9MD "=FJQ GE:9JL <= &9MO= i*9JAK =L Dm9??DGEZJ9LAGF H9JAKA=FK=j  =F (6G>H HH6>H 9: HD8>DAD<>:  *9J\K <ALAGFKGMNJAZJ=KH  iD9A<=9<=MF9;AM<9<N=J<=IM=@9F9<GHL9<GD9E9QGJH9JL=<= DGK 9JIMAL=;LGK EG<=JFGK GHGF=EGK D9 AE9?=F <= MF9 ;AM<9< ;M:A=JL9 =F D9 IM= 9D K=H9J9J DGK HD9FGK <= DGK =<A>A;AGK Q <=D9K ;9JJ=L=J9K K= <9 DM?9J 9 MF9 ;GFKLJM;;A^F =KH9;A9D ;GFLAFM9 K=H9J9<9<=DKM=DGIM=;GEHJ=F<=JVL9FLG?JMHGK<=9DGB9EA=FLGK ;GEG =KH9;AGK H`:DA;GK H=JEALA=F<G EG<A>A;9;AGF=K <= <=KLAFG K=?`FD9KF=;=KA<9<=K<=DEGE=FLGGEGLG<9D9;AJ;MD9;A^F=F =DK=FLA<G>MF;AGF9DH9K9JVHGJ<=:9BGGHGJD9KL=JJ9R9KKMH=JAGJ=K K= KMHJAE=F D9K ;9DD=K 56 &9K L=JJ9R9K ;GF>GJE9F MF L=JJALGJAG 9D 9AJ=DA:J=IM=K==PLA=F<=HGJLG<9D9KMH=J>A;A=<=D9;AM<9<QIM= HM=<= <=<A;9JK= 9D <=HGJL= 9D 9L=JJAR9B= <= 9NAGF=K Q <= @=DA;^HL=JGK Q 9D E9FL=FAEA=FLG <= N=?=L9;A^F -=JVF 9;;=KA:D=K HGJ LG<9K H9JL=K E=<A9FL= =K;9D=J9K Q 9K;=FKGJ=K &GK <A>=J=FL=K HAKGK =KL9JVF <ANA<A<GK =F =KH9;AGK N=;AFGK Q ;GEMFA;9FL=K 9;GF<A;AGF9<GK9JLA>A;A9DE=FL=IM=G>J=;=JVFD9HGKA:ADA<9<<=;J=9J MF9 <AN=JKA<9< AF>AFAL9 <= 9E:A=FL=K >9;ADAL9F<G D9 <=JAN9 <= DGK @9:AL9FL=K Q KMK >J=;M=FL=K =F;M=FLJGK >GJLMALGK &GK 9E:A=FL=K K=JVF;9E:A9<GKJ=?MD9JQ;GFK;A=FL=E=FL=;GF9QM<9<=LG<GKDGK E=<AGK LZ;FA;GK E=<A9FL= =IMAHGK <= ;J=9<GJ=K =KH=;A9DAR9<GK IM=K=JVFHGJL9FLGKALM9;AGFAKL9K<=HJG>=KA^Fj         )(-.(. i)LJ9 ;AM<9< H9J9 GLJ9 NA<9j *M:DA;9<G =F =D   <=!CI:GC6I>DC6A: +>IJ6I>DCC>HI:  .J9<M;;A^F =PLJ9\<9 <= !CI:GC68>DC6A H>IJ68>DC>HI6 KDA ! $6 G:6A>O68>XC9:A6GI:'9<JA<&AL=J9LMJ9!JAK         #!/,'9IM=L9<=(=O9:AD^F  i(=O9:QDGFFGL=JEAF9=FFAF?MF9H9JL=HM=KLGIM=D9.A=JJ9=K J=<GF<9 FG ;GFG;= >JGFL=J9K HM=KLG IM= FG =PAKL=F =;GFGE\9K F9;AGF9D=K FA ;GD=;LANA<9<=K HM=KLG IM= D9 @ME9FA<9< =K >DM;LM9FL='<1<@9<@9B4.?2@@<;.002@6/92@12@1229=?6:2?< 5.@A.29O9A6:<.G<9D9.A=JJ9K=;GFNA=JL==FMF9`FA;9NANA=F<9 H9J9 KMK @9:AL9FL=K &9 NA<9 =K MF NA9B= AF>AFALG 9 LJ9NZK <= MF EMF<G IM= ;9E:A9 L9F JVHA<9E=FL= IM= 9 ;9<9 EGE=FLG H9J=;= <AKLAFLGj         )(-.(.&:L67NADC"99?K!=E==FL=EMK=ME=F"99?NM=DLG9HM:DA;9J =F $(&,( &',. &:L 67NADCDCHI6CI GI : JIDE>: =J;D= <mJL *9J\K;AL9<GHGJ,,,#H  .2@<?62;A.06N;  *9J9 DGK KALM9;AGFAKL9K D9 <=KGJA=FL9;A^F Q =D EGNAEA=FLG KGF ;M9DA<9<=KIM=<=:=F=KL9JAEHD\;AL9K=FD9;AM<9<M9F<G#N9AF<9:9D9K ;D9N=KH9J9=DFM=NGMJ:9FAKEGD9<=KGJA=FL9;A^F=KLJ9L9<9;GEGMFG<= DGK>AF=KIM=D9<=JAN9;GFLAFM9<=DGK@9:AL9FL=KH=JK=?M\9  i&9 9;LANA<9< HJAF;AH9D <= DGK @9:AL9FL=K K=JV D9 ,#0 )(.#(/ D ;9E:AG <= H9AK9B=K =FLJ= MF9 @GJ9 Q D9 KA?MA=FL= K=JVJ=KHGFK9:D=<=D912@<?62;A.06N;0<:=92A.j  &9K ;AM<9<=K 9;LM9D=K KGF 9:MJJA<9K HM=K KA?M=F MF ;JAL=JAG MLADAL9JAKL9 :9K9<G =F MF HJAF;AHAG <= D9 GJA=FL9;A^F <GF<= =D G:B=LANG =K EAFAEAR9J=DLA=EHGQ=D=KH9;AG<=DGK<=KHD9R9EA=FLGK<=K<=D9NANA=F<9 9DLJ9:9BG-AF=E:9J?GD9K;AM<9<=K<=D/J:9FAKEG/FAL9JAGKALM9;AGFAKL9K K=JVF ;J=9<9K =F MF9 @<0621.1 9O160. <GF<= Q9 FG K= F=;=KAL9J9F <=KHD9R9EA=FLGK JVHA<GK Q K= HG<JVF AFL=FKA>A;9J Q ;GEHDA;9J &9 ;AM<9< K=JViHJAF;AH9DE=FL=MFL=JJ=FG<=7B24<<=.C2;AB?.Q2E=9<?.06N;j <GF<==DN9?9:MF<=G<=KGJA=FL9<G>9NGJ=;=JVD9;J=9;A^F<=@6AB.06<;2@ D;AM<9<9FGK==F;GFLJ9JV=FH=JE9F=FL=2EA?.CL<H=JE9F=;=JV;GEG MF=PLJ9]G?212@0B/?62;1<Q?20<;<062;1<KMHJGHA9;AM<9<KAFHJAK9K FAD\EAL=K<=LA=EHGG=KH9;AGGEA=<GK<A:MB9F<G;9JLG?J9>\9K<=KMNA<9 HM=KFG@9QE9H9K<=;AM<9<;GEGFG@9Q;9EAFGK<=>AFA<GKIM=DD=N=F 9<=L=JEAF9<GKDM?9J=K  GFKL9FL =F KM    % HJGHGF= ;GEG >GJE9 MJ:9F9 =D 9./2?6;A< 16;I:60< D D9:=JAFLG HJGNG;9 MF9   00 i GJEMD9JAG H9J9 MF FM=NG MJ:9FAKEGj !CI:GC68>DC6A +>IJ68>DC>HI6 .=PLGK \FL=?JGK =F ;9KL=DD9FG <= D9 J=NAKL9 #FL=JF9LAGF9D= -ALM9LAGFFAKL=  '9<JA< &AL=J9LMJ9!JAKH )(-.(.;AL9<G=F(,).#&A:=JG)-.29NA=J=< +>IJ68>DC>HI6H6GI: EDAUI>86 JG76C>HBD 'MK=G <mJL GFL=EHGJ9FA <= 9J;=DGF9 9J;=DGF9 ;L9J  H  <=KGJA=FL9;A^F;GFK;A=FL=Q9<A>=J=F;A9<=DD9:=JAFLGLJ9<A;AGF9D<GF<==D G:B=LANG =K ;GFK=?MAJ =D ;=FLJG =D D9:=JAFLG <= GFKL9FL =K <AFVEAF;G HM=KHGK==MFF`E=JGAF>AFALG<=;=FLJGK=F;GFLAFMGEGNAEA=FLG  &9 12@<?62;A.06N; IM= HJGEM=N=F DGK KALM9;AGFAKL9K FG =K MF9 <=KGJA=FL9;A^F=F=DK=FLA<GF=?9LANG<=H=J<=JK=G=PLJ9NA9JK=KAFG;GEG <A;= GFKL9FL i=F =D K=FLA<G EVK HGKALANG <=  2;0<;A?.? 0.:6;<@ 12@0<;<061<@KMFHJG;=KGAFAFL=JJMEHA<G<=;J=9;A^FQ<=KLJM;;A^F9D IM= DD9EG D9:=JAFLG <AFVEA;Gj &9 <=KGJA=FL9;A^F =F;M=FLJ9 KM H9D9F;9 <=9;LAN9;A^F=F=D<=K=G<=D;AM<9<9FG=PHDGJ9<GJ!MQ=:GJ<<=>=F<\9 =D 2EA?.M.:62;A< =F =D ;AM<9<9FG DG IM= HJGHGJ;AGF9:9 MF =KL9<G <= =P;AL9;A^F;GFLAFM9IM=DGAF;AL9:99N9?9JH9J9;GFG;=JD9;AM<9<F=KL= HMFLG J=LGE9EGK D9 <=K;JAH;A^F IM= @9;= GFKL9FL KG:J= (=O 9:QDGF <GF<= =D FGE9<AKEG Q D9 ;AM<9< K= =F;M=FLJ9F =F MF `FA;G D9:=JAFLG MJ:9FGAFL=JEAF9:D=  i&:L 67NADC FG L=JEAF9 =F FAF?MF9 H9JL= 56 .G<9 D9 .A=JJ9 K= ;GFNA=JL==FMF9`FA;9NANA=F<9H9J9KMK@9:AL9FL=K&9NA<9=KMFNA9B= AF>AFALG9LJ9NZK<=MFEMF<GIM=;9E:A9L9FJVHA<9E=FL=IM=9;9<9 EGE=FLGH9J=;=<AKLAFLGj  /FEG<G<=<=KGJA=FL9JK=NGDMFL9JA9E=FL==FD9;AM<9<=J9=DMKG <=DL9PADL9PAHJGHGJ;AGF9:9MF9DA:=JL9<<=EGNAEA=FLGE9QGJIM=HGJ =B=EHDG=D9MLG:`K9D9N=RIM=H=JEAL\9;M:JAJD9J?9K<AKL9F;A9K=FMF9 KGD9iK=KA^Fj<=<=JAN9!MQ=:GJ<=F=D=FK9QGi&9L=GJ\9<=D9<=JAN9j   )(-.(.;AL9<G=F(,).#&A:=JG)-.29NA=J=<+>IJ68>DC>HI6H6GI: EDAUI>86 JG76C>HBD 'MK=G <mJL GFL=EHGJ9FA <= 9J;=DGF9 9J;=DGF9 ;L9J  H  0=\9EGK =F =D ;9HALMDG HJAE=JG IM= 19DL=J =FB9E\F K=FL^ DGK HJ=;=<=FL=K <= D9 <=KGJA=FL9;A^F Q =D =PLJ9]9EA=FLG <=D ;AM<9<9FG ;GEG D9 9;LALM< EVK ;GFN=FA=FL= <= =PH=JAE=FL9;A^F<=D9;AM<9<GEG;GFLJ9HGKA;A^F9D9 <=KGJA=FL9;A^FNZ9K=L9E:A=F =F =D 6E . : ADH :C;DFJ:H :K6AJ6I>KDH 9: A6 8>J969 KG:J= D9 GJA=FL9;A^F ;GEG HJGHM=KL9<=D=;LMJ9<=D9;AM<9<<=%=NAF&QF;@  )(-.(.  ;AL9<G =F ,,# J9F;=K;G /6A@H86E:H A 6C96G 8DBD EGP8I>86 :HISI>869J;=DGF9!MKL9NG!ADAH  HJGHGF==DMKG<=DL9PAKAIM=J=EGKiGHL9JHGJD9<=KGJA=FL9;A^FH=JKGF9Dj &GK L9PAK HM=<=F HJGHGJ;AGF9J MF9 <=KGJA=FL9;A^F =>=;LAN9 HM=K KGF AFL=J;9E:A9:D=KQFGLA=F=F;GF=PAGF=K<AJ=;L9K;GF=DK>6?:GDHM=KMFGK= HM=<=:9B9JQKM:AJ9D9R9J=F;M9DIMA=JEGE=FLGQDM?9J    .=B2@A.2;=?I0A60.272:=9<@1212?6C.@  =JAN9=F*9J\K *J=K=FL9EGK=DJ=D9LG<=MF9<=JAN9DD=N9<99;9:GHGJ=:GJ<Q!AD $ GDE9F =D E9JL=K  <= E9JRG <=  IM= =F;GFLJ9EGK =KH=;A9D AFL=JZK HGJ D9 <=K;JAH;A^F IM= =:GJ< @9J\9 <= DGK <A>=J=FL=K 9E:A=FL=K =F;GFLJ9<GK Q KM <AKHGKA;A^F =F >GJE9 <= EA686H 6 A6 9:G>K6 Q K= @9J\9 J=>=J=F;A9 HGJ HJAE=J9 N=R =F D9 DAL=J9LMJ9 KALM9;AGFAKL9 9 JC 8:CIGD 9:A BJC9D=:GJ<=K;JA:\9 aA :HIJ9>6G :A I:GG:CD ADH A:IG>HI6H 8G::C FJ: EJ:9:C 6;>GB6GA6 :M>HI:C8>6 9: JC6 >BEDGI6CI: EA686 <>G6IDG>6 EH>8D<:D<GP;A86 A6 GDIDC969:$:9DJM D8JE6C9D:A8:CIGD FJ:EJ:9:9:;>C>GH:8DBD JC6 JC>969 "6JGTH+I6A>C<G69 67>:GI6 6A B:CDH HD7G: 8J6IGD E:C9>:CI:HEH>8D<:D<GP;>86HCDI67A:H86C6A;6GI>C7DJA:K6G99:A6 =6E:AA: GJ: 9 J7:GK>AA>:GH 86C6A 9: !'JG8F N EGD767A:B:CI: ID96KU6BPH/DAB6CG:8J:G966EGDEXH>ID9::HI6CD8>XC9:EA686 <>G6IDG>6 A6 :C8GJ8>?696 6 A6 FJ: SA AA6B676 :C 6CC:H :C  8:CIGD9:ABJC9Db =:GJ<K=]9D^D9=PAKL=F;A9<=>9DD9KQ<=>J9;LMJ9K=FD9MFA<9<<=D L=BA<GMJ:9FG9>AJE9:9IM=9D?MFGKHMFLGK<=MF9;AM<9<HG<\9F=KL9J=F   ),Q!AD$1)&'(a,=9DR9<G<=9E:A=FL=KMJ:9FGKHGJE=<AG<=D9 <=JAN9j$:H$TKG:H&J:HFfJMK=D9KFGNA=E:J=<=  =D;=FLJG<=N9JA9K<==KL9K>9DD9K&9AFL=JN=F;A^F;GFK;A=FL=QNGDMFL9JA9 =F L9D=K DM?9J=K <GF<= K= =P9;=J:9:9F D9K ;GFLJ9<A;;AGF=K KG;A9D=K H=JEAL\9 ;J=9J MF ;A=JLG 9E:A=FL= AF;DMKG MF ;A=JLG D\G -AF =E:9J?G i=KLGK ;=FLJGK 9MFIM= ;GEG ;=FLJGK EH>8D<:D<GP;>8DH L=F?9F MF9 J=D9;A^F;GFD9<GEAF9;A^F<=FAF?MF9E9F=J9<=KA?F9F=D;=FLJGEAKEG <=DEMF<G=PAKL=FL=j  =JAN9=FnEKL=J<9E  F =KL9 <=JAN9 K= HD9FL=^  =D =KLM<AG G:B=LANG <= D9 ;AM<9< <= nEKL=J<9EL9FLG;GEG<=MFBM=?G;GFDGKE=<AGK<=;GEMFA;9;A^F-= HG<J\9<=;AJIM=D9EGJ9D=B9<=9.12?6C.=KKMHJGHA9=PAKL=F;A90<:<B; 7B24<KL9<=JAN9>M=<AJA?A<9HGJGFKL9FLQKMHGF=MF=B=EHDG<=<=JAN9 GJ?9FAR9<9HJ=NA9E=FL=  iGK ?JMHGK >GJE9<G ;9<9 MFG <= =DDGK HGJ LJ=K KALM9;AGFAKL9K <=JAN9J\9F <MJ9FL= LJ=K <\9K 9 HA= Q G;9KAGF9DE=FL= =F :9J;G <MJEA=F<G=FDGK@GL=D=K<=D;9EAFGKAF9:9F<GF9J=D;=FLJG<= nEKL=J<9EKGK?JMHGKK=E9FL=F<J\9F=F;GFL9;LG=IMAHVF<GK= 9 K=J HGKA:D= ;GF O9DCA=L9DCA=K Q =F LG<G ;9KG 9 LJ9NZK <=D J9<AG;9EA^F<=D=IMAHG;9JLG?JV>A;G<=K<=<GF<==D<AJ=;LGJ<=D9 <=JAN9kGFKL9FL=F=KL=;9KG<=KHD9RVF<GK=H9J9E9FL=F=J=D ;GFL9;LG K=]9D9J\9 KMK LJ9Q=;LGJA9K Q =FNA9J\9 AFKLJM;;AGF=K =D <AJ=;LGJ<=D9<=JAN9K==F;9J?9:9L9E:AZF<=<AKHGF=J=FK=;J=LG 9D?MFGKDM?9J=KQ9;GFL=;AEA=FLGK KL9GH=J9;A^F<=<=JAN99MFIM=K=9;GEH9]9K=;GFLJ9R9<GK<=D L=JJ=FG 9 AFL=JHJ=L9J MDL=JAGJE=FL= =F DGK LJ9:9BGK <= MJ:9FAKEG MFAL9JAGQ9MFIM=HM<A=K=L=F=J;A=JLG9KH=;LGL=9LJ9DHGJKM=>=;LG KG:J= =D H`:DA;G =KL9:9 <=KLAF9<9 HJAF;AH9DE=FL= 9 J=9DAR9J MF FM=NG BM=?G 3 D9 #- <=;A<A^ 9KMEAJ D9K ;GKLME:J=K =;GF^EA;9K   &'("3N=KJN:7DG9N:Aa8:CIGD9:ABJC9Db  AFK;JA:A=F<G=F=DHJ=KMHM=KLG<=D9E9FA>=KL9;A^FMFK9D9JAG<= >DGJAF=KHGJ;9<9H=JKGF9Q<\9<=<=JAN9j     #FL=FLG <= <=K;JAH;A^F HKA;G?=G?JV>A;9 <= &=K "9DD=K HGJ :<=D9@9>A<%@9LA:  KL==KLM<AGKMHGF=MFL=KLAEGFAGAEHGJL9FL=QHGJE=FGJAR9<G<=D9K 9HDA;9;AGF=K <= D9 <=JAN9 ;GEG E=<AG 9;LANG H9J9 D9 J=9DAR9;A^F <= D9 *KA;G?=G?J9>\9 M=HM:DA;9<G=F=DFf<=D9#FL=JF9;AGF9D-ALM9;AGFAKL9 =F  ;GF MF9 FGL9 <= D9 J=<9;;A^F 9<NAJLA=F<G IM= =J9 MF =KLM<AG iAF9;9:9<GjHM=K=DAFN=KLA?9<GJ>M=<=L=FA<GFME=JGK9KN=;=K <MJ9FL= KMK<=JAN9KFG;LMJF9K<=:A<G9D9D=Q<=HJG@A:A;A^F<=H=JE9F=F;A9=FD9 ;9DD=9DGK9>JA;9FGK9H9JLAJ<=D9KL==KLM<AGHJ=L=F<\9=D=KLM<AG <=D9E:A=FL=FG;LMJFG<=D:9JJAGH9JAKAFG<=&=K"9DD=K  F D9 AFLJG<M;;A^F <= =KL= =KLM<AG K= HD9FL=9 D9 HGKA:ADA<9< Q ;GFN=FA=F;A9 <= D9 H9JLA;AH9;A^F EMDLA<AKHDAF9J H9J9 MF 9<=;M9<G =KLM<AG MJ:9FG %@9LA: <A>=J=F;A9 =FLJ= DGK E=<AGK <= D9 *KA;G?=G?J9>\9 <GK HGKA;AGF=K   MF :216< .0A6C< Q <AJ=;LG D9 12?6C. 2E=2?6:2;A.9 9 D9 IM= ;9J9;L=JAR9;GEG<=EVKK^DA<9Q<=>AF=;GEGiEG<G<=9;;A^FQ E=<AG<=;GFG;AEA=FLG9DEAKEGLA=EHGj :216<@A2N?60<@=AF<AJ=;LGKiD9D=;LMJ9<=NAKL9K9ZJ=9KQHD9FGK Q =D 9FVDAKAK <= =KL9<\KLA;9K ?JV>A;GK Q J=KMDL9<GK <= =F;M=KL9K KG;AGD^?A;9Kj     J9?E=FLG J=;G?A<G <=D 9JL\;MDG iA= 1=DL DK &9:QJAFL@j <=D Ff  <= D9 J=NAKL9 !CI:GC6I>DC6A:+>IJ6I>DC>HI:<=BMFAG<=H %".#=F00!CI:GC68>DC6A+>IJ68>DC>HI6.=PLGK\FL=?JGK=F;9KL=DD9FG<=D9 J=NAKL9#FL=JF9LAGF9D=-ALM9LAGFFAKL='9<JA<&AL=J9LMJ9!JAKFfHH !7>9:B  KL=<G;ME=FLG<=KL9;9HGJKMAEHGJL9F;A9Q9IM=KMHGF=MFG<=DGK =B=EHDGKEVK=PHD\;ALGKQH=<9?^?A;GK<==KLM<AGHKA;G?=G?JV>A;G<=MF :9JJAG =F ;GF;J=LG <=D :9JJAG <= $:H 6AA:H =F *9J\K %@9LA: <=DAEAL9 HKA;G?=G?J9>A;9E=FL= =D 9E:A=FL= <= $:H 6AA:H DG;9DAR9 DGK HJAF;AH9D=K =B=K <= ;AJ;MD9;A^F AFL=JF9 Q =PL=JF9 9K\ ;GEG DGK HMFLGK <= 9LJ9;;A^F ;AM<9<9F9DGIM=ZDDD9E9HD9L9>GJE9K?AJ9LGJA9KFKM=KLM<AG=F>9LAR9 KM9FVDAKAK=;GD^?A;G@ME9FG<=D:9JJAG;GFMFE9J;9<G;9JV;L=JHGD\LA;G K9KGE:JGKG ;GEG <=K;JA:= D9 AF>DM=F;A9 <= ;A=JLGK =<A>A;AGK KG:J= =D >MF;AGF9EA=FLGMJ:9FG<=D9RGF99E:A=FL=<=DAEAL9<9  =FLJG<=D9JL\;MDG<=KL9;9F<GKE9H9KDHJAE=JG<==DDGK<=DAEAL9D9 MFA<9< 9E:A=FL= <= $:H 6AA:H Q =F =D K=?MF<G MF9 K=JA= <= D\F=9K J=;GJJ=F D9K ;9DD=K <=D :9JJAG AF<A;9F<G D9K ;GJJA=FL=K AFL=JF9K Q D9K ;GEMFA;9;AGF=K=PL=JAGJ=KIM=AFL=JNA=F=F=F=D=KH9;AG<=DAEAL9<G  MJAGK9E=FL==F;GFLJ9EGK9D>AF9D<=D9JL\;MDGMF;M=KLAGF9JAG<AJA?A<G 9 DGK ;AM<9<9FGK <= $:H 6AA:H =;AEGK i;MJAGK9E=FL=j HGJIM= %=NAF &QF;@ MK^ =D KAKL=E9 <= =F;M=KL9 9 DGK ;AM<9<9FGK H9J9 ;GF>A?MJ9J KM L=GJ\9 <= D9 AE9?=F <= D9 ;AM<9< -= HG<J\9 <=;AJ IM= 9E:9K AFN=KLA?9;AGF=KJGF<9:9F=D>AF9D<=DGK9]GKKL=9JL\;MDG<=C@9LA:K= HM:DA;G=FEA=FLJ9KIM==D<=%=NAF&QF;@&9AE9?=F<=D9;AM<9< =F  9:J\9 HJ=?MFL9JK= KA DGK KALM9;AGFAKL9K >M=JGF >M=FL= <= AFKHAJ9;A^F=FD9KAFN=KLA?9;AGF=K<=&QF;@           20AB?.0?LA60.129.12?6C.  D <=:9L= L=^JA;G H`:DA;G Q <=DA:=J9<G IM= DGK KALM9;AGFAKL9K DD=N9JGF9;9:Gl=PHM=KLGKQ;JALA;9<GKHGJ=DDGKEAKEGKKAF;GEH9KA^F l >M= MF9 ;GF>AJE9;A^F <= KM EZLG<G H9J9 =F>G;9J Q ;D9JA>A;9J KMK 9;LANA<9<=K KA=EHJ= =N9DM9F<G KMK DG?JGK Q >J9;9KGK GEG Q9 ;GE=FL9EGK =F =D HJAE=J ;9H\LMDG >M=JGF ;GFG;A<GK DGK =F>J=FL9EA=FLGK H`:DA;GK =FLJ= KMK <AD=L9FL=K 9K\ ;GEG D9K =PHMDKAGF=K 9:= E=F;AGF9J IM=D9#->M=EMQ;JALA;9<9KG:J=LG<G=F=DK=;LGJ<=D9HGD\LA;9&GK<GK =PKALM9;AGFAKL9K.$D9J;CQGF9D<(A;@GDKGF-EAL@@9;=F MF9 <=>=FK9 9 D9K 9;MK9;AGF=K <=  =NJ9Q ;GFLJ9 D9 #- =F MFG <= KMK 9JLA;MDGKFGKAF9FL=K=PHGF=JD9K9;MK9;AGF=K *JGHGKA;A^F&9#FL=JF9;AGF9D-ALM9;AGFAKL9>M=MF9GJ?9FAR9;A^F 9JL\KLA;9MF9L\HA;9N9F?M9J<A9L9J<GEG<=JF9IM=K=<AKGDNA^EVK L9J<= =F EDAUI>86 6GIUHI>86 $MR?9<9K ;GEG 9JL= KMK 9;;AGF=K HGD\LA;9K FG KGF J=D=N9FL=K 3 K=?MJ9E=FL= FG HJ=L=F<\9F K=J BMR?9<9K=F;M9FLG9;;AGF=KHGD\LA;9K *JGHGKA;A^F  &9 # - >M= =F KMK `DLAEGK <A=R 9]GK MF9 K=;L9 HGD\LA;G9JL\KLA;9 IM= K= ;GFKMEA^ =F D9K <=L=JEAF9;AGF=K <= KM HJGHA9HMJ=R9NANA=F<G=FMFJZ?AE=F<==P;DMKAGF=KQ<=FMF;A9K = A?FGJ9F<G 9EHDA9E=FL= =D ;9EHG HGD\LA;G EVK 9EHDAG G DGK HJG:D=E9K<=GJ?9FAR9;A^FQ=PH9FKA^FIM=K=D=KHJ=K=FL9JGF=F MF9 KALM9;A^F 9H9J=FL=E=FL= HJ=J=NGDM;AGF9JA9 &9 DD9E9EGK D9 L=KAK<=D9KE9FGKDAEHA9K)D9L=KAKIM=9J<==FD9DD9E9HMJ9<= D9F=?9LANA<9< &9 HJGHGKA;A^F  K= 9<K;JA:= 9 Q HGJ DG L9FLG=K KMK;JAL9HGJEM;@GK9<EAJ9<GJ=K<=D9#-    &,% .$ k (#")&-)( GF9D< i*GJ IMZ =D 9JL= FG HM=<= 9;9:9J ;GF D9 #FL=JF9;AGF9D -ALM9;AGFAKL9j G8=>KD +>IJ68>DC>HI6 #FNA=JFG <=  HH *9?AF9 O=:@LLHOOOKAF<GEAFAGF=L9K@;JALA;9@LE           /F ?=JE=F D9 =PH=JA=F;A9 i)F L@= ,G9<b <= '<;F &:6A5 D HJAE=JG <= DGK NA9B=K Q <=9E:MD9;AGF=K HGJ D9K H=JA>=JA9K MJ:9F9K IM= <=KHMZK K=JNAJ\9 <= LJ9EHGD\F H9J9 ZD EAKEG Q H9J9 GLJGK 9JLAKL9K KM;=KGJ=K9DGD9J?G<=D9<Z;9<9<=DGK9]GKF.GFQ-EAL@ <=K;JA:\9 9 -9EM=D 19?KL9>> D9 DA:=JL9< IM= KAFLA^ <MJ9FL= =D J=;GJJA<G FG;LMJFG =F ;G;@= IM= @ARG <= >GJE9 AD=?9D ;GF 9D?MFGK =KLM<A9FL=K KG:J=D9KG:J9K<=MF99MLGHAKL9=F;GFKLJM;;A^F=FD9H=JA>=JA9<=(M=N9 3GJC -EAL@ <=K;JA:= =KL= NA9B= ;GEG iMF9 =PH=JA=F;A9  J=N=D9<GJ9bQ FGKGLJGK<AJ\9EGKIM=>M=;9KAi9HG;9D\HLA;9bKL9=PH=JA=F;A9EGKLJ9:9 MF9 J=9DA<9< <=K;GF;=JL9FL= i9D?G IM= =KL9:9 J=HJ=K=FL9<G ;9JLG?JV>A;9E=FL= H=JG IM= FG K= J=;GFG;\9 KG;A9DE=FL=b GEG J=KMDL9<G -EAL@ ;GF;DMQ^  IM= iEM;@GK ;M9<JGK H9J=;=F :=DD9E=FL= HAFLGJ=K;GK<=KHMZK<==KL9=PH=JA=F;A9(G@9QEG<G<==FE9J;9JD9L9F KGDGHM=<=K=PH=JAE=FL9JD9j-EAL@K=HD9FL=9D9F9LMJ9D=R9=KLZLA;9<=D J=;GJJA<G>AJE9iD9K>9DLGG;MH9?J9FH9JL=<=DH9AK9B=9JLA>A;A9DH=JGFG =K HGKA:D= ;GFKA<=J9JDG ;GEG G:J9 <= 9JL=b DD\ =F 9IM=D <=KA=JLG <= 9K>9DLGLMNG MF9 =PH=JA=F;A9<=KM:DAEA<9< IM= K^DG KMHG =PHDA;9J ;GEG i=D>AF<=D 9JL=j&=BGK<= MF >AF9DKMHGF<J\9 =DAFA;AGH9J9 IM= =D9JL= K9DA=J9 <= D9K ?9D=J\9K Q ;GFIMAKL9J9 =D =KH9;AG 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ZD *9K=9FL= Q H9AK9B= K= >MF<=F =F MF KGDG =FL= D H9K=G <=NA=F==FEZLG<GH9J9J=KGDN=JMFiAEH=J9LANG<=DM;A<=RjQ<=iF=;=KA<9<<= ;GF;A=F;A9b,A;@9J<&GF?J=KHGF<=9DH=J>AD<=;9JL^?J9>G<=D9J=9DA<9<<=K<= KM9F<9J           0Z9K==D9H9JL9<GKG:J=DGKE9H9K=F=KL=EAKEG;9HALMDG<=DDA:JGH 9DNAFG #L9DG i#D NA9F<9FL= F=DD9 E9HH9b GDD=RAGF= <A K9::A9 *9DGE9J'GF<9<GJA 'ADVFN=JKA^F;9KL=DD9F9GD=;;A^F<=9J=F9DA9FR9<ALGJA9D'9<JA< FL=F<=EGK=DLZJEAFGiAEH=J9LANGb;GEGNGDMFL9<KM?=J=FL==@AHGLZLA;9KGE=LA<99 E`DLAHD=K ;GF<A;AGF9EA=FLGK <= J=9DA<9< E9LAR9<9 NGDMFL9< <= ;D9JG =FL=F<AEA=FLG DM;A<=R Q 9KMF;A^F <= J=KHGFK9:ADA<9< =F =D =B=J;A;AG <=D 9JL= 3 iF=;=KA<9< <= ;GF;A=F;A9j;GEGD9F=;=KA<9<J=9D<=G:K=JN9JD9K;9MK9KQ=>=;LGK<=DK=J9;LM9D<=D 9JL=(=;=KA<9<=K=F;A9D;G?FALAN9QJ=9DJ=>=JA<99DGIM=;GF;A=JF=9DGIM=K=<A;=9D <AK;MJKG9JL\KLA;G0Z9K=9=KL=J=KH=;LG=D9FVDAKAKHJG>MF<GIM=J=9DAR9'GD=^F=F=D ;9HALMDG  i0A9B=JG >J=FL= 9D E9Jb =F ')&)( 0#( 'A?M=D F?=D $6 AUC:6 >C86C9:H8:CI:&>=>A>HBDN -IDEU6:CADHEGD8:HDH8G:6I>KDH9:A6GI>HI68DCI:BEDG6C:D AJ=;LGJ *=<JG )K9C9J !J9F9<9 /FAN=JKA<9< <= !J9F9<9 =H9JL9E=FLG <= *AFLMJ9       #!/,,A;@9J<&GF?L6A@7N6AAGD69H6C9A6C:HIDJ8=>C<DG8GDHH>C<6C>B6<>C6GN 8>G8A:#F?D9L=JJ9         )LJG H9K=9FL= .:6@5 B9A<; *9K=9FL= Q HG=L9 NAKM9D &GK LJ9RGK <= KMK H9K=GK LGE9F >GJE9 <= =6>@J HG=E9K B9HGF=K=K AFL=FL9F<G <=KN=D9J D9K K=FK9;AGF=K AFE=<A9L9K <= KM =PH=JA=F;A9K =F D9 F9LMJ9D=R9 -M G:J9 FG LA=F= G:B=LGK^DG<=KHMZK=FD9K?9D=J\9K9D?MF9K>J9K=KQKA?FGK  &GF?Q MDLGFK=KME=J?=F=FHD=F9F9LMJ9D=R9@MQ=F <=D9K;AM<9<=K -MK9;;AGF=KH9K=GKDD=FGK<=9MK=F;A9KF<9JMF9F<9JKAFLA=EHGJALM9DKAF <=B9J@M=DD9KiJL=IM=J=KMDL9<=D9=PH=JA=F;A9<=H9K=GK=FKGDAL9JAG/FH9K=G LA=F=NA<9HJGHA9QFGF=;=KAL9K=JE9L=JA9DAR9<G=FG:J9<=9JL=/F9G:J9<=9JL= HM=<=K=J;GEHJ9<9H=JGMFH9K=GFGHM=<=K=JN=F<A<Gb     #!/,"9EAK@ MDLGF      .=PLG<=D9HJ=K=FL9;A^F<=KMH9?AF9O=:G>A;A9D    /F9 D9>H:6 IM= K= LGJF9 =F NA9B= HK=M<GLMJ\KLA;G >M= H9J9 &:6A5@<;D9=PHDGJ9;A^F<=D9KH=JA>=JA9K<=*9KK9A;  ig+MZ HM=<=K =F;GFLJ9J =F *9KK9A; IM= FG HM=<9K =F;GFLJ9J =F *9J\K&GF<J=KG,GE9`K;9DGL`EAKEG=K;M:J=KAL=9LJ=N=K =DE9J9NADDGKG*9KK9A;,AN=JQDGK=L=JFGKEGFME=FLGKIM=@9Q=F KMK=F;9FL9<GK:9F;9D=K0=L==FMF;GF>GJL9:D=;G;@=<=9DIMAD=J @9KL9=K9KLA=JJ9KH=J<A<9KHGJ=DLA=EHGKLVF9HG;GKEAFMLGK<= (M=N93GJC,G:=JL-EAL@KGFGK?MA9JV9LJ9NZK<==KL=;GFBMFLG<= DM?9J=K >9:MDGKGK 3 FG GDNA<ZAK NM=KLJ9 ;VE9J9 >GLG?JV>A;9 9<9 NA9B=N99;GEH9]9<G<=E9H9K=KH=;A9D=K*9J9EVKAF>GJE9;A^F NAKAL9<D9O9F!9DD=JQ1=KLL@-LJ==L(M=N93GJCb  D<=K=HLA=E:J=<=,G:=JL-EAL@KGFK=<AJA?A^=F9MLG:`K9 *9KK9A; MF9 RGF9 KM:MJ:A9D <= (=O $=JK=Q ;GF MF :ADD=L= KGDG <= A<9 *=JGFG@ARGLG<G=DNA9B==F9MLG:`KL9E:AZF >M=LJ9FK=`FL=<MJ9FL=D9 `DLAE9 EADD9 ;JMR9F<G =D ,AG *9KK9A; @9KL9 DD=?9J 9D ;=FLJG <= D9 ;AM<9< =PH=JAE=FL9F<G =D H9AK9B= <= >GJE9 IM= DGK N9DGJ=K =KLZLA;GK K= LJ9FK>A?MJ9FQ;GFLGJKAGF9F=FMFF`E=JG;AJ;=FK=AF<MKLJA9D  iM9F<G ;9EAF9:9 KG:J= =D HM=FL= >M= ;GEG KA ;9EAF9J9 KG:J= MF9 =FGJE= >GLG?J9>\9 IM= =KL9:9 @=;@9 <= E9<=J9 Q @A=JJG Q <=:9BG <=D J\G=PAKL\9 ;GEG MF9 =FGJE= H=D\;MD9 IM= FG EGKLJ9:9 EVKIM=MF;GFLAFMG:D9F;Gj    KL=L=PLG=KL9:9AEHJ=KGKG:J=MF9>GLG?J9>\9=F:D9F;GQF=?JG<=DH9JIM=*9KK9A; M= MFG <= DGK <GK 9FMF;AGK H9J9 D9 =PHGKA;A^F i&GK 'GFME=FLGK <= *9KK9A;j IM= H=JE9F=;= =F DGK 9J;@ANGK -EAL@KGF *9H=JK  JGDD  >J9E=K  #F>GJE9;A^FJ=;G?A<9<=,3()&-FFi,G:=JL-EAL@KGFj'#.*J=KK9E:JA<?= '9KK9;@MKK=LKH ,3()&-FFi,G:=JL-EAL@KGFj'#.*J=KK9E:JA<?='9KK9;@MKK=LKH   KL9<=K;JAH;A^FFGKJ=;M=J<99D9IM=Q9@A;A=J9.GFQ-EAL@<GF<= D9=PH=JA=F;A9<=DH9AK9B=J=9D;9E:A9:9<=<AE=FKA^F=KLZLA;9J=9DA<9< 9JL=FG9JL=9JL=NAN=F;A9D=PH=JAE=FL9DJ=9DA<9<9JL=FG9JL= 9JL=NAN=F;A9Dk=PH=JAE=FL9D  -EAL@KGFJ=9DAR^>GLG?J9>\9K=F:D9F;GQF=?JG<=iDGKEGFME=FLGKj IM= 9DD\ =F;GFLJ9:9 H=JG FG K= LJ9L9 <= EGFME=FLGK KAFG <= G:B=LGK LGE9<GK <= MF H9AK9B= AF<MKLJA9D =D=E=FLGK 9:9F<GF9<GK =F MF DM?9J GDNA<9<G HGJ D9 KG;A=<9< MF HM=FL= LM:GK MF 9H9J;9EA=FLG DG IM= J=;M=J<99IM=DD9KHJAE=J9K<=JAN9KJ=9DAR9<9KHGJDGK<9<9\KL9K  *9J9 -EAL@KGF D9 =PHDGJ9;A^F MJ:9F9 =J9 MF E=<AG H9J9 =PLJ9=J ;9L=?GJ\9K =KLZLA;9K  g-EAL@KGF N=\9 MF DM?9J 9:9F<GF9<G i(9<9 =K EVK;GJJMHLA:D=IM=D9N=J<9<'g+MZHM=<=EGN=J9MF9H=JKGF99AJ9 MFDM?9Ji9:9F<GF9<G'kiGDNA<9<G'&GK<9<9\KL9 L9E:AZFDG@A;A=JGF ,:GG6>C.6<J:HKM:MJ:AGK;GF=K;9KGE9FL=FAEA=FLGDM?9J=K9D=B9<GK<= D9;GLA<A9F9iMJ:9FA<9<'&GIM=FG=K9JL=;9E:A9<=<AE=FKA^F=KLZLA;9Q =K9JL=+MARVKFG@9Q;9E:AGKAFGIM=>GJE9H9JL=<=KM=K=F;A9+MARVK =KD9>GJE9<=N=JDG<==PH=JAE=FL9JDG<=HJGQ=;L9JDG@9;A9<=D9FL=@9;A9 =D>MLMJGIMARVK=KLGKDM?9J=KKGFDM?9J=K=FHGL=F;A9HGL=F;A9<GJ=K<= =PH=JA=F;A9K=KLZLA;9KQHGL=F;A9<GKHGJDGK9JLAKL9K/F9KAE:AGKAK=FLJ= J=9DA<9<Q9JL==FLJ==KH9;AGQ9JLAKL9=FLJ=;AM<9<Q;AM<9<9FG&M?9J=K *GL=F;A9        -EAL@KGF=FKM=FK9QGi.@=-@9H=G>L@= MLMJ=9F<'=EGJQj=F")&.(9F;Q=< i.@=1JALLAF?KG>,G:=JL-EAL@KGFj(=O3GJC/FAN=JKALQ*J=KK(=O3GJCH LJ9<M;;A^F<AJ=;L9<=D9<G;LGJ9F<9<=D9>J9K=GJA?AF9Di(GL@AF?AKEGJ=;GJJMHLA:D=L@9F LJML@b     .?6;. /?.:<C60 =F KM E:G;DGB6C8: i&GK E9FL=K k &9 !J9F 'MJ9DD9b FGK EM=KLJ9 MF H=J>AD HGZLA;G <=D ;9EAF9J "ARG MF ALAF=J9JAG =EG;AGF9DHGJD9?J9FEMJ9DD9;@AF9@9KL9=F;GFLJ9JK=;GFKM;GEH9]=JG /D9Q =PHDGJ9F<G KMK HJGHAGK DAEAL=K >\KA;G Q HK\IMA;GK (GK EM=KLJ9 MF ALAF=J9JAG =EG;AGF9D  MF EMF<G <GF<= D9K <AKL9F;A9K ?=G?JV>A;9K Q =EG;AGF9D=KK==FLJ=;JMR9F  LJ9NZK<=EMJGK%605.?1&2??.G:DA?99DGK;AM<9<9FGK9AJ9D9 <=JAN9 =F MF H9AK9B= <= 9;=JG 9:A=JLG Q ;=JJ9<G LJ9FK=`FL=K >GJR9<GK 9 <=B9JK= ?MA9J HGJ DGK EMJGK :MK;9F<G =D ;=FLJG <=D D9:=JAFLG KAF HJAK9K @9;A=F<G=DALAF=J9JAGEVKD9J?G      #!/,'9JAF9:J9EGNA;=FKMALAF=J9JAGHGJD9!J9F'MJ9DD9@AF9         #!/,'9JAF9:J9EGNA;=F=D=F;M=FLJG;GF/D9Q   &GK KALM9;AGFAKL9K ;JALA;9:9F <MJ9E=FL= =D IM= D9K ;AM<9<=K =KLMNA=J9FJ=HD=L9K<=K=]9D=KFGJE9LAN9KIM=FGKAF<A;9FDGIM=HG<=EGK GFGHG<=EGK@9;=J9F<9JH9J9J;MVF<G<^F<= HM=<=K<AJA?AJL=iD <=KHDA=?M=<=<AKHGKALANGKDAF?a\KLA;GKF=EGLZ;FA;GKQ?JV>A;GK<=KLAF9<GK 9 @9;=J D=?A:D= =D L=JJALGJAG ;GFKLALMQ= LG<9 MF9 E9F=J9 <= H=FK9J =D =KH9;AGb     0A;LGJ <=D ,\G iD A9?J9E9 <= "=FJQ  =;C G D9 9JLG?J9>\9 #FNAKA:D=b$PE>O(b9]G'9<JA<H  *=JGMF9;AM<9<9H=K9J<=KM=FGJE=;GEHD=BA<9<Q9D=HM=<= J=KMDL9J>9EADA9J9D@9:AL9FL==FLGF;=K=K;M9F<GDGKKA?FGKQDGKA;GFGK ;MDLMJ9D=K K= ;GFNA=JL=F =F MF 9JE9 <= HG<=J AFNAJLA=F<G KM K=FLA<G Q LJ9FK>GJEVF<GK==F@=JJ9EA=FL9K<=MF9J=KAKL=F;A9;GFK;A=FL=DD=N9<99 ;9:GHGJ9D?MFGK<=KMK@9:AL9FL=K;GEG%<4296<N=2GB2;0.IM=DGK MLADAR9H9J9J=9DAR9J<MJ9K;J\LA;9KKM:N=JKAN9K9DGKKAKL=E9K=KL9:D=;A<GK      #!/,,G?=DAG&^H=RM=F;9IG6K:H6GA6H>9:6H8DBDH:6IG6K>:H6CA6H 8>J969:HN;GDCI:G6H):J9KG:J=MF9>J9K=<= J9F;AK*A;9:A9    %2;22?22;G .?A5.%<@92?L9E:AZF=NA<=F;A9F;GF;D9JA<9<D9K HJ=EAK9K KALM9;AGFAKL9K <= KM:N=JKA^F ;GF MF ZF>9KAK KG;A9D Q HGD\LA;G  =NAL9F<GD9LJ9E9?9D=J\9K<AF=JGQ:MK;9F<GKA=EHJ=>GJE9K9DL=JF9LAN9K DM?9J=K 9DL=JF9LANGK EG<GK <= HJG<M;;A^F 9DL=JF9LANGK Q 9M<A=F;A9K 9DL=JF9LAN9KKLGK9JLAKL9KFGK=DAEAL9F9MFKGDGE=<AGG?ZF=JGKAFGIM= MLADAR9FD9>GLG?J9>\9D9KAFKL9D9;AGF=KH=J>GJE9F;=KN\<=G=FK9QG=L;  '9JL@9,GKD=J<A;=i+MA=JG@9;=J9JL=KG:J=D9K;GK9K;GJJA=FL=K MF9JL=IM=ADMEAF=D9NA<9KG;A9D+MA=JGAFNGDM;J9J9D9JL=H9J9;M=KLAGF9J D9K =PHDA;9;AGF=K E\LA;9K <= D9 NA<9 ;GLA<A9F9 IM= LGE9F >GJE9 ;GEG J9;AGF9DAKEG GHLAEAKL9 Q =PHDGJ9J D9K J=D9;AGF=K =FLJ= D9 ;GF;A=F;A9 AF<ANA<M9DD9NA<9>9EADA9JQD9;MDLMJ9<=D;9HAL9DAKEGEGFGHGDAKL9b  FKM<AK;MJKGKG:J=9JLAKL9KQ;AM<9<KMJ?=F9D?MF9KHJ=?MFL9KEMQ AFL=J=K9FL=KIM=E=J=;=FD9H=F9K=JJ=K=]9<9K  ig+MZE=<AGKL=F=EGK9FM=KLJ9<AKHGKA;A^F=FFM=KLJGAFL=FLG <=H=JKM9<AJQ;GFN=F;=J  g^EG HG<=EGKJ=HJ=K=FL9J D9NA<9KM:L=JJVF=9<=MF9;AM<9< D9KNA<9K<=@=;@G<=D9E9QGJ\9<=KMKJ=KA<=FL=K  g^EG HG<=EGK EGKLJ9J D9K ;GF<A;AGF=K <= D9 DM;@9 <= DGK AFIMADAFGKD9K H=JKGF9KKAF @G?9JD9K 9DL=JF9LAN9K9DMJ:9FAKEGL9D ;GEGK=HJ9;LA;99;LM9DE=FL=b  &9 ;AM<9< HGJ L9FLG ;G:J9 MF N9DGJ IM= EVK 9DDV <= D9 ;AM<9< i;GFKLJM\<9j=FLJ9F=FBM=?GDGKHJG;=KGKQD9KJ=D9;AGF=KKG;A9D=K;GEG MF=FLJ9E9<GNANGIM==D9JLAKL9=K;9H9R<=<A9?FGKLA;9JQJ=HJ=K=FL9J '9JL@9,GKD=JK=HJ=?MFL9     '9JL@9 ,GKD=J =F D9 ;GFLJ9HGJL9<9 <= 4!", 9L@=JAF= <= =< %6GI=6 *DHA:G (DH>8>DC:H9:ABJC9DG:6A9J;=DGF9;L9J  4!", 9L@=JAF= <= =< %6GI=6 *DHA:G (DH>8>DC:H 9:A BJC9D G:6A 9J;=DGF9 ;L9JH  g^EG HM=<=F DGK 9JLAKL9K KAF =E:9J?G 9:GJ<9J <AJ=;L9E=FL= D9 HJG:D=EVLA;9<=D9NA<9MJ:9F9Q<=D9KH=JKGF9KKAF@G?9J=FD9IM==KLVF AFNGDM;J9<GK  &9J=KHM=KL9D9;LANAKEGJLAKL9K9;LANAKL9K     #!/,'9JL@9,GKD=JJJA:9 DB:A:HH,=:+IG::I6C9'I=:G.:CJ:H :9BG>IN.>H>DCH6C9*:K>H>DCH=D;A;DG<==PHGKA;AGF=Ka!; 1DJ$>K:9 :G:b=L9DD=K GLG?J9>\9K<=)J=F-DGJ(M=N93GJC    #!/,'9JL@9,GKD=J DJH>C<>H6 JB6C*><=I GLG?J9>\9K<=D -H=;L9;GDGJ<=.AE=K-IM9J=(M=N93GJCFAE9;A^FH9J9H9F=D HM:DA;AL9JAG      )LJGK ;GEG .AA B9960.; @9F <=K;M:A=JLG IM= =D @9:AL9FL= <= D9 ;AM<9<J=;GJJ=;GFKMEAJ9<9D9K;9DD=K;GEGKA>M=J9FHV?AF9K=K;JAL9K <=MFDA:JGNA=F<GMF9J=D9;A^F<AJ=;L9=FLJ==DD=F?M9B=QD99JIMAL=;LMJ9 9K\IM=ZDEAKEG@9;GF>A?MJ9<GMFNG;9:MD9JAGHJGHAGQ=KH=;\>A;G@=;@G <= KA?FGK Q HA;LG?J9E9K H9J9 J=9DAR9J KM HJGHA9 =KLJM;LMJ9 MJ:9F9 &9K H9F;9JL9KK=;GFNA=JL=F=F=D;GFL=PLG=DKA?FGJ=HJ=K=FL9<GK=;GFNA=JL= =F 9JIMAL=;LMJ9 D9K :9F<=J9K =F H9J=<=K Q DGK =KH9;AGK =FLJ= =DD9K =F @9:AL9;AGF=K"9KL9DGK;GDGJ=K=KLVF<AKHM=KLGK:9BGMF;^<A?G;GFKMK HJGHA9K;D9N=KAFL=JF9K   D,GBGK=J=D9;AGF9;GFDG-M:B=LANG;GF=DHMJGKA?FA>A;9<G  DD9F;GQ=D(=?JG;GF=D&=F?M9B=KA?FGKQK\E:GDGK  DE9JADDG;GF=D'A;JG;GKEGKL@=OGJD<>J9E=<  D RMD ;GF DG ;=J;9FG 9D EMF<G =F IM= NANAEGK L@= OGJD< MF>J9E=<  D 0=J<= E9FA>A=KL9 DGK D=E=FLGK (9LMJ9D=K Q HMJGK =D EMF<G 9FL=KG>M=J9<=FM=KLJ9H=J;=H;A^F  'MDDA;9F 9D A?M9D IM= -=JJ9 FGK @9;= <=JAN9J HGJ =KH9;AGK ;GFLJGD9<GKGAF;GFLJGD9<GKGEGQ9DG@A;A=J9GFKL9FL=FKMK<=JAN9K HJ=H9J9<9K=FnEKL=J<9E               #!/,'9LL'MDDA;9F!CHI6A68>XC&='9?9KAF=FLJ=(9LAGF9D<mJL GFL=EHGJ9AF!J=FG:D=      <B6@2B?42<6@<A:MB9KMK;9K9KHKA;G?=G?JV>A;9KD9;AM<9<<= KM E=EGJA9 9L=F<A=F<G 9 KMK J=;M=J<GK EVK H=JKGF9D=K 9@\ 9H9J=;=F &GMAK=KME9JA<GQ<GK<=KMKFA]GKkJ=GIM=>MAEGK>=DA;=K9DD\.G<9K D9K ;9J9K =F D9K N=FL9F9K =KLVF KGFJA=F<G FGK ;GE=FL9 &GMAK= ;GF ;A=JL9FGKL9D?A99DN=JD9;9K9K9K;9K9KJ=HJ=K=FL9F9LG<9KD9K&GMAK= <A>=J=FL=K9LJ9NZK<=DGK9]GK0=EGK9IM=DD9K;9K9K;GEGMFN=;AF<9JAG <=KMNA<9DD9FGK9;D9J9IM=i=D=KH9;AGFG=PAKL==KKGDGMF9E=LV>GJ9 H9J9 D9 =KLJM;LMJ9 <= FM=KLJ9K =PAKL=F;A9Kb g*KA;G?=G?J9>\9 KALM9;AGFAKL9  #!/, &GMAK=GMJ?=GAK$6H86H6H9:DJG<:D>H      &GMAK= GMJ?=GAK ;AL9<9 HGJ =9LJAR GDGEAF9 =F i&9 9JIMAL=;LMJ9 <=D LJ9ME9j <=D ;9LVDG?G $DJ>H: DJG<:D>H %:BDG>6 N GFJ>I:8IJG6 'MK=G (9;AGF9D =FLJG <= JL= ,=AF9-G>\9'9<JA<H &GMAK=GMJ?=GAK ;AL9<9HGJ&QFF= GGC==F i<AGK9D9 ;9K9<= EM]=;9Kj$DJ>H: DJG<:D>H%:BDG>6NGFJ>I:8IJG6'MK=G(9;AGF9D=FLJG<=JL=,=AF9-G>\9'9<JA< H  &9;AM<9<HGK==MF9>AKAGDG?\9@ME9F9GFLA=F=N=F9KQ9JL=JA9K >DMA<9K =F D9K IM= D9K H=JKGF9K ;AJ;MD9F ;GEG K9DM<9:D=K ;GJH`K;MDGK K9F?M\F=GK  -GF D9K ;9DD=K D9K IM= E9L=JA9DAR9F =D EGNAEA=FLG K9F?M\F=G <=D ;M=JHG @ME9FG =EH9J=FL9<G ;GF =D EGNAEA=FLG <= DGK LJ9FK=`FL=K 9HJ=KMJ9<GK F D9 ZHG;9 <= D9 #DMKLJ9;A^F =D ;GJ9R^F <= D9 ;AM<9< K= DG;9DAR9:9 =F =D  ;9KLADDG <=D HJ\F;AH= "GQ <\9 DGK B9J<AF=K MJ:9FGKQHD9R9K9B9J<AF9<9KK=AF>D9FQ<=KAF>D9F=FKML9J=9<=J=KHAJ9J AFL=FL9F<GHMJA>A;9J=D9AJ=MJ:9FGHM=KKGFDGKHMDEGF=K<=D9;AM<9<  *=JGFGKGDGD99F9LGE\9K=N=J=>D=B9<9=FD9;AM<9<KAFGIM==D ;GEHGJL9EA=FLG <=D @GE:J= )LJ9K ;AM<9<=K H9J=;=F J=>D=BGK <= D9K ;AM<9<=KAF<MKLJA9D=KNZ9K= #!/,'AIM=D(9N9JJG$68>JI6I       #!/,'AIM=D(9N9JJG&9;AML9L   GF D9 9H9JA;A^F <= D9 G:J9 : %DIJ DG9>H <= 1ADDA9E "9JN=Q =F  <GF<= K= EGKLJ9:9 MF9 K=JA= <= <=K;M:JAEA=FLGK J=D9;AGF9<GK ;GF D9 ;AJ;MD9;A^F <= D9 K9F?J= @M:GMF;9E:AG=FD9K=PH=;L9LAN9KQHD9F=K=D9?=FL=J=KH=;LG9D=FLGJFGMJ:9FG&GK <=K;M:JAEA=FLGK<="9JN=QJ=D9;AGF9<GK;GFD9;AJ;MD9;A^F<=D9K9F?J=QD9J=KHAJ9;A^F ;GF<MB=JGF 9 FM=N9K A<=9K 9;=J;9 <= D9 K9DM< H`:DA;9 Q <MJ9FL= =D KA?DG 20### DGK HD9FA>A;9<GJ=KADMKLJ9<GK9HDA;9JGF=KL9A<=9K9D9;AM<9<>J,A;@9J<-=FF=LiM=JHGK =F 'GNAEA=FLGj6GC: N (>:9G6 A 8J:GED N A6 8>J969 :C A6 8>K>A>O68>XC D88>9:CI6A DA9FR9<ALGJA9D'9<JA<HH #<=9IM=KMJ?=9H9JLAJ<=DKA?DG2#2    D ;GEHGJL9EA=FLG <=D @GE:J= K= L9E:AZF K= J=>D=B9 =F D9 9JIMAL=;LMJ9EGKLJVF<GFGKD9;AM<9<KMD9<GEVK@ME9FGN=;=KKAF <9JFGK 9 H=F9K ;M=FL9 D9 =KIMAF9 <= MF9 ;9DD= 9LA=F<= 9 FM=KLJ9K ;GFN=JK9;AGF=KJMLAF9JA9K0Z9K= #!/,G?GEAJ;C=J+>C IUIJAD *M=KD9;AM<9<FGK=K;M;@9Q=KH=J9IM=9D?MA=F;GEG'9JB=LA;9*GLJ;D= D=99D?`F;M=FLG9KMKH9J=<=K      #!/,G?GEAJ;C=J+>CIUIJAD'MFA;@    /F9<=D9KG:J9K<=D99JLAKL9=KDGN=F9'9B=JLA;9*GLJ;<=>M=i.=JJALGJAGKjIM= ;GFKAKL\9=FD9D=;LMJ9<=;M=FLGK;GJLGK9;A=JL9KH9J=<=K*GJ=B=EHDGiM?K:MJ?jMF ;M=FLG <=D =K;JALGJ L9E:AZF =KDGN=FG J9?G $9F;9J >M= D=\<G 9 D9 H9J=< =F i-LMLL?9JL .=JJALGJAG j0Z9K==D9JL\;MDG<=!GJ9F.GE;A;i&9GF=;;A^FHJGL=;LGJ9&9G:J9<= '9B=JLA;9*GLJ;j,G6CHGIHJAIJG:%:9>6(b9]GHH    #!/,@9JD=K-AEGF<K%DG696      #!/,@9JD=K-AEGF<K,DGG:H%6G8=>I6H       (9<A=;GEGD9;AM<9<K9:=<=DHD9;=J>\KA;GQ=J^LA;GHM=K=F=DD9 LA=F=F DM?9J GJ?AVKLA;GK :9AD=K =FLJ=K KMK =<A>A;AGK  A? -AEGF<K ,DGG:H %6G8=>I6H &9K 9JIMAL=;LMJ9K K= NM=DN=F H=;@GK >9DGK N9?AF9K  A?-AEGF<K%DG696D7A:6G6@9:ALV;MDGK<=D9H9KA^FIM==D @9:AL9FL==PHDGJ9=FKMKD9J?GKH9K=GKJ=;GJJA=F<GMFG9MFGDGKDM?9J=K HJG@A:A<GKD9;AM<9<IM=9L=KGJ9KME=EGJA9D=EM=KLJ99D;AM<9<9FGKMK RGF9K=J^?=F9K9HJ=K9F<G=L=JF9E=FL==D<=K=G=FLJ=KMKEMJGKH9J9 <=KHMZKJ=;D9E9JD=KM;M=JHGN=F<A<G         "9:D=EGK9@GJ9<=:.=.@              .=.@F0.?A<4?.3L.@  &GK E9H9K J=N=D9F 9D 9JLAKL9 ;GFL=EHGJVF=G ;GEG =PHDGJ9<GJ <=D EMF<GQ<=K\EAKEG  iDE9H9FGJ=HJG<M;=MFAF;GFK;A=FL=;=JJ9<GKG:J=K\EAKEGDGK ;GFKLJMQ=GFLJA:MQ=9D9;GF=PA^F<=DGK;9EHGK=D<=K:DGIM=G <= DGK ;M=JHGK KAF ^J?9FGK 9 KM EVPAE9 9H=JLMJ9 =F MF HD9F <= ;GFKAKL=F;A9 GJE9 H9JL= <=D JARGE9 D E9H9 =K 9:A=JLG ;GF=;L9:D= =F LG<9K KMK <AE=FKAGF=K <=KEGFL9:D= 9DL=J9:D= KMK;=HLA:D= <= J=;A:AJ ;GFKL9FL=E=FL= EG<A>A;9;AGF=K *M=<= K=J JGLG 9DL=J9<G 9<9HL9JK= 9 <AKLAFLGK EGFL9B=K AFA;A9<G HGJ MF AF<ANA<MGMF ?JMHGMF9 >GJE9;A^FKG;A9D *M=<=<A:MB9JK= =FMF9 H9J=< ;GF;=:AJK= ;GEG MF9 G:J9 <= 9JL= ;GFKLJMAJK= ;GEG MF9 9;;A^FHGD\LA;9G;GEGMF9E=<AL9;A^Fb  KL9 <=>AFA;A^F <= E9H9 FGK KM?A=J= D9 J=N=D9;A^F <= DGK E9H9K ;GEG <G;ME=FLGK <= =PHDGJ9;A^F =F K\ EAKEGK D 9JLAKL9 HJG;D9E9<G 9FL=JAGJE=FL= =PHDGJ9<GJ <= D9 J=9DA<9< Q <= K\ EAKEG 9@GJ9 K= FGK HJ=K=FL9 ;GEG ;9JL^?J9>G <= =K9 EAKE9 J=9DA<9< Q <= =K= iK=J =FK\ EAKEGbIM=;J=;=Q=NGDM;AGF9Q9IM=i;9<9K=?MF<GFM=NGD=9HGJL9MF9 EG<A>A;9;A^F IM= LJ9FK>GJE9 KM HJGHA9 F9LMJ9D=R9b&GK E9H9K K= J=KM=DN=F =FLGF;=K ;GEG MF =KH9;AG <= AF<9?9;AGF=K IM= ;GF;DMQ=F =F 9FVDAKAK ;GEHD=BGK <= D9 NA<9 Q D9 HGZLA;9 FLJ= DGK KALM9;AGFAKL9K Q DGK 9JLAKL9K;GFL=EHGJVF=GKHG<=EGK=F;GFLJ9JMF;GE`FAFL=JZKKG:J=DGK E9H9K    &/4!ADD=Kk!/..,# ZDAP,@ARGE=#FLJG<M;LAGF<ALAGFK<='AFMAL <A;A^F=KH9]GD9,ARGE9#FLJG<M;;A^F09D=F;A9*J=L=PLGK  =J?KGF ;AL9<G HGJ "/3!" ,=FZ i'GF=L Q *JGMKL MF9 FM=N9 NAKA^F <=D EMF<Gj A6J9:%DC:I'9<JA<'AFAKL=JAG<=MDLMJ9k'MK=GKH9]GD<=JL=GFL=EHGJVF=G   &GK KALM9;AGFAKL9K MLADAR9JGF =D 9JL= ;GEG E=<AG <= =PHJ=KA^F 9JL\KLA;9QHGD\LA;9KMKE9H9KHKA;G?=G?JV>A;GKJ=KGF9:9F;GF MF<AK=]G 9JL\KLA;G=FNGR9DL9H=JGKM>AF9DA<9<`DLAE9=J9D9<=;JALA;9JD9K>GJE9K<=D HD9F=9EA=FLG MJ:9FG >MF<9E=FL9DE=FL= J9;AGF9DAKL9 Q >MF;AGF9DAKL9 D?MFGK <= DGK 9JLAKL9K ;GFL=EHGJVF=GK IM= @9F MK9<G E9H9K ;GEG E=<AG 9JL\KLA;G Q IM= 9F9DAR9EGK 9 ;GFLAFM9;A^F @9F KA<G GM?D9K "M=:D=J)F%9O9J9 AGF9.=EHD=LGF(=OLGFQ"=D=F'9Q=J"9JJAKGFG DGKQ9E=F;AGF9<GK,A;@9J<&GF?Q"9EAK@ MDLGF  ";.D.?.J=9DAR^MF9K=JA=<=LJ9:9BGK<MJ9FL=KG:J= KMK<=KHD9R9EA=FLGK9<AKLAFL9K;AM<9<=KFKMLJ9:9BGi!L:CIb%9O9J9 LJ9R^KG:J=MFE9H9KMJML9=P9;L9<MJ9FL=MFNA9B==FLJ=N9JA9K;AM<9<=K ;GF MF :GD\?J9>G JGBG D F`E=JG <= E9H9K IM= MK9:9 <=H=F<\9 <=D F`E=JG <= <\9K IM= H9K9:9 =F ;9<9 DM?9J @9KL9 IM= H9JL\9 @9;A9 GLJG )LJ9KK=JA=KH9J=;A<9K>M=JGF!G:69Q!B:IDMKG<=DGKE9H9K=J9MF9 =KH=;A=<=9MLG<G;ME=FL9;A^F;GF;9JV;L=J<=;M9<=JFG<=NA9B=<GF<= MK9:9E9H9K=FN=R<=L=PLGN=J:9D  <B49.@B2/92?HGJ=D;GFLJ9JAGMK9:9DGKE9H9KH9J9@9:D9J<= D9F9LMJ9D=R9<=D9JL==FK\EAKE9FKMKLJ9:9BGK+>I:+8JAEIJG:QC9 (6G6AA:A MK9 DGK E9H9K ;GEG :9K= <GF<= <A:MB9J Q HD9F=9J KM 9;LM9;A^F HGKL=JAGJ =F =D DM?9J J=9D /F H=FLV?GFG MF 9J;G LJ=K ;M9<J9<GK ;GF;ZFLJA;GK KGF =B=EHDGK <= >A?MJ9K <A9?J9EVLA;9K IM= J=KM=DN=F KMK J=;GJJA<GK<=9;LM9;A^F  6<;.'2:=92A<;J=9DAR^=F(M=N93GJCKMHA=R91DJc,=: >INIM=<=K;JA:=;GEGMFE:G;DGB6C8:>CI:G68I>KDMF9H=JKGF9;DA=FL= ;GEA=FR9=FMFDM?9JIM=DD9E9J=EGKH6A>96Q<=KHMZK=K<AJA?A<9HGJMF AFL=JDG;MLGJ@9KL9<GF<=K==F;M=FLJ9GLJ9H=JKGF9>GJE9F<GMF9;9<=F9 @ME9F9 IM= H9K9 D9 9M<=F;A9 <= MF KALAG 9 GLJG @9KL9 IM= DGK ;DA=FL=K DD=?9F9DDM?9J<=iDD=?9<9jGEG=FD9K<=JAN9KKALM9;AGFAKL9KK=LJ9L9<=  MF9 K=JA= =F;M=FLJGK ;9KM9D=K ;9KM9D=K H9J9 =D H`:DA;G H=JG HJG?J9E9<GK HJ=NA9E=FL= Q J=9DAR9<GK HGJ MF ?JMHG <= 9;LGJ=K =FLJ= H=JKGF9KIM=DD=?9FMF99MF9;GE=FR9F<G;GEGH`:DA;GQL=JEAF9F<G ;GEG DGK J=9DAR9<GJ=K <= MF H=J>GJE9F;= D A?M9D IM= D9K <=JAN9K <= nEKL=J<9E=DJ=;GJJA<G=KLVHJ=<=L=JEAF9<GHGJD99JLAKL9&9>AF9DA<9<<= .=EHD=LGF;GF=KL9G:J9;GFKAKL==F;J=9JMF9KALM9;A^FIM=H9JL=<=MF9 =KLJM;LMJ9 HJ=<=L=JEAF9<9 =D J=;GJJA<G =D ?MA^F <= DGK 9;LGJ=K K= ;GFNA=JL9 =F MF9 KALM9;A^F AEHJ=<=;A:D= D9 J=KHM=KL9 =KHGFLVF=9 <=D H`:DA;G  *GJGLJGD9<G!2DA<;F292; .F2?.??6@<;MLADAR9FDGKE9H9K FG KGDG ;GEG G:B=LG =KLZLA;G9JL\KLA;G KAFG ;GEG MF9 @=JJ9EA=FL9 H9J9 <=K9JJGDD9J D9K HGD\LA;9K <=D MKG L=JJALGJA9D /F =B=EHDG =K KM HA=R9  &9?GGF Q;D= <GF<= MK9JGF MFGK H9F=D=K ?A?9FL=K ;GF E9H9K Q GLJGK E9L=JA9D=K AF;DMQ=F<G L=PLGK HGZLA;GK Q <A9D^?A;GK H9J9 EGKLJ9JDGK HJG:D=E9KJ=D9;AGF9<GK;GF=D<=K9JJGDDG<=MF9;MDLMJ9<=D9?M9H9J9DGK ;MDLANGK=F-JA&9FC9&9>MF;A^F<==KLGKE9H9K=KD9<=;=FLJ9J=D>G;G <=9L=F;A^F=FDM?9J=K=KH=;\>A;GK<GF<=>9DD9FD9KHGD\LA;9K=;GD^?A;9KG EM=KLJ9F>MLMJ9K9DL=JF9LAN9KIM=HG<J\9EGKDD9E9JMLGH\9K&GK"9JJAKGF MK9FDGKE9H9K;GFMFHJGH^KALG<GF<=D9D\F=9=FLJ=9JL=QHGD\LA;9K= <=KN9F=;=;GEGQ9G;MJJA=J9;GFDGKKALM9;AGFAKL9K                    #!/,)F%9O9J9!L:CI      #!/,)F%9O9J9!L:CI          #!/,)F%9O9J9!<DIJE    MJ:9F9<=FLJG<=DGKE=;9FAKEGK<=;GFKLJM;;A^F>GJE9DQKA?FA>A;9LAN9<= D9;AM<9<9K\;GEGKMAEHGJL9F;A9=FD9HGZLA;9K9JL\KLA;9KQHGJDGL9FLG =FD99HGJL9;A^F<=D9JL==F=DH9J9<A?E9MJ:9FG  F=D;9HALMDGK=?MF<GLALMD9<GQ29<@2;3<>B2@2C.9B.A6C<@12 9.06B1.1RJ=MFAJ=EGK<GKL=GJ\9K=KLJ=;@9E=FL=DA?9<9K=FLJ=KK\KG:J= D9KIM=K=9JLA;MD9LG<G=DKAKL=E9<=@AH^L=KAKHJGHGKALAN9K:9K9<9K=FD9 D=;LMJ9 Q =N9DM9;A^F <= DGK =KH9;AGK MJ:9FGK &9 HJAE=J9 <= =DD9K =K D9 HJGHM=KL9 HGJ %=NAF &QF;@ 9;=J;9 <= D9 >B6<>C67>A>969 <= D9K ;AM<9<=K &QF;@ <=K9JJGDD9 MF KAKL=E9 <= =D=E=FLGK J=;GFG;A:D=K IM= @9;=F9MF9;AM<9<iAE9?AF9:D=jH9JLA=F<G<=D9<AJ=;L9HJGHGJ;A^F=FLJ= AE9?AF9:ADA<9<Q;9DA<9<=KLZLA;9MJ:9F93D9K=?MF<9=KD9L=GJ\9<=$9;C (9K9J IM= HG<J\9EGK ;GFKA<=J9J ;GEG MF K=?MF<G =KL9<G <= D9 L=GJ\9<=&QF;@(9K9J:9K9KM=KLM<AG=F=D;9JV;L=J=N9DM9LANG<=D9K ;AM<9<=KA<=FLA>A;9F<G;AF;G>9;LGJ=KIM=@9;=FMF9;AM<9<NAKM9DE=FL= 9LJ9Q=FL=  *GJ `DLAEG 9HGJL9EGK D9 =PH=JA=F;A9 J=9DAR9<9 HGJ =D -=JNA;AG <= A=FL\>A;G.Z;FA;G<=!=KLA^FQNGDM;A^F<=D*9AK9B=<=D9/FAN=JKA<9<<= 9J;=DGF9KG:J= <=L=JEAF9<GKEMFA;AHAGK<=9L9DM]9DDGK@9FHM=KLG =F HJV;LA;9 MF9 HJGHM=KL9 <= H9JVE=LJGK IM= <=L=JEAF9F =D FAN=D <= ;GFL9EAF9;A^FNAKM9D=FMFEMFA;AHAG  F =KL= K=FLA<G D9K LJ=K =KLJ9L=?A9K 9FL=JAGJE=FL= ;AL9<9K @9F KA<G K=D=;;AGF9<9K ;GF D9 AFL=F;A^F <= <=K9JJGDD9J MF =F>GIM= @AKL^JA;G Q E=LG<GD^?A;G KG:J= D9 HJG:D=EVLA;9 <= D9 D=;LMJ9 9E:A=FL9D MJ:9F9 Q MF AFL=FLG <= =F;GFLJ9J <9LGK iG:B=LANGKj IM= @9?9F EVK >JM;L\>=JGK DGK HD9F=K<=/J:9FAKEGKA=EHJ= <=K<= D9H=JKH=;LAN9IM==F=KL=DA:JG K= HJ=L=F<= AF;DMAJ =D JL= ;GEG @=JJ9EA=FL9 KG;A9D  H=K9J <= D9K <=>A;A=F;A9K IM= =PHGF<J=EGK =F D9 D=;LMJ9 ;J\LA;9 <= ;9<9 MF9 =DD9K =K BMKLGK=]9D9JIM=<A;@9KAFN=KLA?9;AGF=KG>J=;=FAFL=J=K9FL=KHGKA:ADA<9<=K  <= 9HDA;9;A^F <= D9 <=JAN9 Q KGF `LAD=K =B=EHDGK <= H9JLA;AH9;A^F <=D ;AM<9<9FG=FD99HJGPAE9;A^FE=LG<GD^?A;9=FD9D=;LMJ9Q=N9DM9;A^F<= DGK9E:A=FL=KMJ:9FGK  *9J9>AF9DAR9J=KL9K=?MF<9H9JL==D0.=6AB9<)LJ9L9JVQ29..=<?A.06N; 12 9. 12?6C. 2; 29 (?/.;6@:<R F ZD <=K9JJGDD9J=EGK L=^JA;9E=FL= FM=KLJ9 @AH^L=KAK HJAF;AH9D <= LJ9:9BG =F D9 IM= HD9FL=9EGK D9L=GJ\9Q HJV;LA;9<=D9<=JAN9KALM9;AGFAKL9;GEG@=JJ9EA=FL9<==N9DM9;A^F<=D9K ;AM<9<=K<=K<=MF9;GEHD=BA<9<;GF;=HLM9DQEMDLA<AK;AHDAF9JH9JLA=F<G<= D9 ;GGH=J9;A^F =FLJ= <AKLAFL9K <AE=FKAGF=K ;G?FGK;ALAN9K *9J9 =DDG J=9DAR9J=EGK MF9 AFL=JHJ=L9;A^F <= DGK J=KMDL9<GK G:L=FA<GK =F <AN=JKGK =B=EHDGK<=9HDA;9;A^F<=D9<=JAN9=F=D;9EHG<=D9MJ:9F\KLA;9<=K<= <GKVJ=9K<=9HDA;9;A^F<A>=J=FL=K   ;GEG @=JJ9EA=FL9 Q E=LG<GDG?\9 <= 9FVDAKAK Q <A9?F^KLA;G <= =KH9;AGK MJ:9FGK   ;GEG E=<AG <= H9JLA;AH9;A^F <=D ;AM<9<9FG =F DGK HJG;=KGK <= HD9FA>A;9;A^FMJ:9F9                 *#./&)#0  29.?29.06N;2;A?206B1.1.;<F06B1.1     .=2?02=06N;@64;6360.;A2  &9 ?ZF=KAK <= D9 ;AM<9< K= <=K9JJGDD9 =F =D ;GFL=PLG <= MF HJG;=KG ED>SI>8D 9LJ9N=K9F<G MF D9:=JAFLG =FLJ= AE9?AF9;A^F K=FK9;A^F Q ;GFG;AEA=FLG D 9B4.? =KLV <=>AFA<G HGJ JAKL^L=D=K ;GEG i9. =?6:2?. 2;C<9C2;A2 6;:NC69 ./?64.;1< 0B2?=<@ >B2 =B212; 12@=9.G.?@2 F 2:=9.G.?@2 2; K9j  *G<=EGK <=;AJ =FLGF;=K IM= =D DM?9J =K =D ;GFL=F=<GJ <=D @GE:J= Q KM @AKLGJA9 <AKLAFLG 9MFIM= FG G:KL9FL= =F J=KGF9F;A9 ;GF KM ;GFL=FA<G &9 ;AM<9< ;GEG DM?9J IM= i9?JMH9 Q =PL=JAGJAR9 D9 >GJE9 ;GF IM= 9?JMH9 9D @GE:J=j  H=JEAL= 9D AF<ANA<MG J=;GJJ=JKM@AKLGJA9Q9D9N=RH=JEAL=9D9@AKLGJA9KALM9J9DAF<ANA<MG&9 ;AM<9<K==KL9:D=;=;GEGN=@\;MDG=FLJ=D9@AKLGJA9Q=DKMB=LG=DE9L=JA9D :9K=KG:J==DIM==DAF<ANA<MGK==PHJ=K9i=DE=<AG=PHJ=KANG=DKM=]G ;GFKLJMA<GG;GFKLJM;LA:D=jDAF<ANA<MGK=J=;GFG;=\FLAE9E=FL=;GF=D DM?9J9LJ9NZK<=KM@AKLGJA9;M9F<G=KL9J9R^FK=JGEH==D;AM<9<9FGK= =F;M=FLJ9 <=KGJA=FL9<G Q i=D DM?9J K= NM=DN= AFKA?FA>A;9FL= <A>MKG ;GF>MKGQ =F=DD\EAL=K= ;GF>MF<=;GF D9EM=JL=D9;M9D FG 9LA=F<=9 J9RGF=Kj  &9 :CDB:CDAD<U6 9: A6 (:G8:E8>XC <= .B?602 2?92.B#<;AF HJGHGF=9DAF<ANA<MG;GEG;M=JHGKMB=LG;GEGE=<A9<GJ9;LANG=FLJ==DK\ EAKEGQ=DEMF<GD;M=JHG=KMFEG<G<=9;;=<=J9DEMF<GQ9D9N=R   JAKL^L=D=K;AL9<G=F'/(.U)&."),(,!$GK=H@,DED<SC:H>HJC96B:CIDH 9:JC6CJ:K66GFJ>I:8IJG69J;=DGF9/FAN=JKA<9<*GDALZ;FA;9<=9L9DM]9H !7>9:B '/(.U)&'E8>IH '/(.U)& ."),(,! $GK=H@ ,DED<SC:H>H JC96B:CIDH 9: JC6 CJ:K6 6GFJ>I:8IJG69J;=DGF9/FAN=JKA<9<*GDALZ;FA;9<=9L9DM]9H  MFEG<G<=KMJ?AEA=FLG<=DEMF<Gi2@1229:<:2;A<2;>B2:6@2? 2@AI./62?A<.9:B;1<=<9.?6G.1<5.06.K9F9.@0<@.@;<@<;2;@L @6;<?2.961.12@=.?.:L9.=2?02=06N;2EA2?;.;<@2?I<A?.0<@.>B2 29:<:2;A<2;>B22@.?2.961.1@2./?2.9.:6?.1.12:6@B/72A6C61.1 2;0.?;.1.F<?62;A.1.5.06.29:B;1<j  D;AM<9<9FG;GEG;=FLJG <= FM=KLJ9 AFN=KLA?9;A^F=K=DN=@\;MDG IM=HJGHGJ;AGF9D9EAKE9H=J;=H;A^F=2?02=06N;IM==KL9J\9=FJ=D9;A^F ;GF=D0<;<06:62;A<QD9@2;@6/6961.10Z9K=>A?MJ9QIM=K==D=N9J\9 ;GEG =PH=JA=F;A9GJA?AF9JA9 <=D9;AM<9<= =KL9 E9F=J9 9.=2?02=06N; ?.160.?L. 2; 29 ?20<;<06:62;A< :I@ .99I 129 :216< .0AB.9 12 B; :B;1< 12 0<@.@ C6@6/92@ =.?. 0.1. B;< 12 ;<@<A?<@ /.7< B;. =9B?.961.1 12 .@=20A<@ &9 ;AM<9< H=J;A:A<9 K= @9DD9J\9 =FLJ9E9<9 =F FM=KLJ9@AKLGJA9H=JKGF9DHM=KK=J\9D9;AM<9<L9D;GEGFGKGLJGKD9N=EGK MFEGE=FLG<=FM=KLJ9@AKLGJA9AF<ANA<M9D*GJDGIM=9.06B1.1;<@2?L. B;.?2.961.12;@L@6;<=.?.;<@<A?<@L=FA=F<G=F;M=FL9IM=i9.0<@. ;<=B212@2?7.:I@@2=.?.1.12.>B29>B29.=2?06/2;<=B212@2? 7.:I@2320A6C.:2;A22;@L=<?>B2@B@.?A60B9.06<;2@@<;9.@:6@:.@ >B29.@12;B2@A?.2E6@A2;06.F@2=<;2.9=?6;06=6<12B;.:6?.1.<.9 AK?:6;<12B;.2E=9<@6N;@2;@<?6.9>B29.6;C6@A2125B:.;61.1j KLGK=?`F'=JD=9M*GFLQK=J\9`FA;9E=FL=HGKA:D=H9JLA=F<G<=MFKMB=LG ;GEHJGE=LA<GQFG<=MF9;GF;A=F;A9<=L=KLA?G  &9 ;AM<9< ;GEG G:B=LG <= FM=KLJ9 H=J;=H;A^F HGK== MF9 F9LMJ9D=R9 9E:A?M9 Q ;GEHD=B9 H9JLA;AH9F<G <= D9 9E:A?a=<9< Q ;GEHD=BA<9<<=D9EAKE9=PAKL=F;A9@ME9F9=F;MQ9@AKLGJA9=KLVAFK=JL9 &9J=9DA<9<K=J\9D9:9K=GD9E9LJAR?=F=J9<GJ9<=LG<9KD9KHGZLA;9K<=D9 ;AM<9< =KL9:D=;A=F<G MF9 MFA^F ;=JL=J9 =FLJ= 9JL= Q ;GFG;AEA=FLG D   ',&/*)(.3'9MJA;=(=SCDBSCDAD<>:9:A6(:G8:EI>DC*9J\K!9DDAE9J< HH ',&/*)(.3'E8>IH  ;AM<9<9FG H9JLA=F<G <= KM @B/72A6C. @2;@6/6961.1  9;LM9J\9 ;GEG 0.A.96G.1<?12 9<@=?<02@<@120?2.06N;F?20?2.06N;12 9.06B1.1 HM=KLG IM= ;GEG @=EGK <A;@G 9FL=JAGJE=FL= D9 =2?02=06N; .0A6C. ;GFKAKLAJ\9 =F =D J=;GFG;AEA=FLG <= D9 J=9DA<9< NAKA:D= H9J9 ;9<9 MFG <= FGKGLJGK GEG ;GFK=;M=F;A9 K= ?=F=J9J\9 MF9 #IM= FG K= J=<M;AJ\99D9E=J9HJG<M;;A^F<=MF=FLGJFGJ=;=HLV;MDG<=DGKAFL=J=K=K <=D ;AM<9<9FG KAFG IM= K= LJ9L9J\9 <=D 9HJ=F<AR9B= <= MF9 9;LALM< i9JL\KLA;G;J=9LAN9jIM=;GF<M;AJ\99MF9J=AFL=JHJ=L9;A^F<=D9;AM<9<Q9 =PAKL=FL=H9J9NGDN=J9<=K;M:JAJD9QJ=;GFKLJMAJD9  F <=>AFALAN9 HG<=EGK @9:D9J <= MF9 #2?02=06N; &64;6360.;A2 ;GEG =PH=JA=F;A9 GJA?AF9JA9 <= D9 ;AM<9< <GF<= K= @9;= F=;=K9JA9 D9 HJ=K=F;A9<=LJ=K=D=E=FLGK0Z9K=KIM=E9  b .%2.961.1<;@A?B61./F9J=9DA<9<IM=>GJE9H9JL=<= D9@AKLGJA9<=D;AM<9<9FGQ9;L`9;GEGDM?9JIM=DG=FNM=DN= Q 9?JMH9 Q <=K<= <GF<= =D ;AM<9<9FG HGF= =F >MF;AGF9EA=FLGMFHJG;=KGK=FKALANG  b . &2;@6/6961.1 ;L`9 ;GEG N=@\;MDG Q HM=FL= =FLJ= D9 J=9DA<9< =PL=JAGJ Q D9 J=9DA<9< AFL=JAGJ <=D ;AM<9<9FG K D9 :9K=H9J9=D;GFG;AEA=FLGQD9;J=9;A^F<=MF9GFLGDG?\9<= D9;AM<9<  b 9 <;<06:62;A< =D ;AM<9<9FG 9 LJ9NZK <= MF HJG;=KG ;G?FALANGJ=;G?=D9AF>GJE9;A^FF=;=K9JA99HGJL9<9HGKKMK K=FLA<GK H9J9 =D9:GJ9J AEV?=F=K E9H9K E=FL9D=K <= D9   -=?`FLA=FF=-GJA9MiD9ED>SI>86LA=F=;GEGG:B=LGLG<GDGIM=@9AFL=JN=FA<G=FMF9 G:J9H9J9<9JD==PAKL=F;A9j>88>DC6G>D@6A9:HISI>86C9D'9<JA<H*9J9 *9MD 09D=JQAFN=FLGJ<= D9H9D9:J9 HGZLA;9=F ;>J !CIGD9J88>XC6 A6EDSI>86 *9J\K iD9HGAZLA;9=K.G<GDGIM=K=J=<M;=9D9;J=9;A^F<=G:J9K;MQGD=F?M9B==K9D9 N=RKMKL9F;A9QE=<AGj  ;AM<9< MF9 HGZLA;9 H=JKGF9D Q KM:B=LAN9 <= D9 ;AM<9< F =KL=HMFLG=D;AM<9<9FGJ=NA=JL==DHJG;=KG<=9HJ=@=FKA^F H9J9 LJ9<M;AJDG =F ;GFKLJM;;A^F IM= 9 LJ9NZK <= HJG;=KGK 9JL\KLA;G;J=9LANGK HD9KE9JV <= FM=NG =F D9 %2.961.1 <;@A?B61.  D H=J;A:AJ =D KMB=LG D9 ;AM<9< ;GEG MF ;GFBMFLG <= =KLJM;LMJ9K KA?FA>A;9LAN9K D9 H=J;=H;A^F K= ;GFNA=JL= =F MF9 9MLZFLA;9 ;GEMFA;9;A^F =FLJ= @9:AL9FL= Q ;AM<9< GEG J=KMDL9<G <= =KL9 ;GFKA<=J9;A^F 9HGJL9EGKMF9>A?MJ9KAE:^DA;9IM=9H9J=;=;GEG9;LALM<<=DAF<ANA<MG @9:AL9FL=9;LANG<=D9;AM<9<;GEG.92;A.1<?12?.@A?2<@F0.G.1<?12 A?.G.@ 12 6;C6@6/6961.1 >B2 .39<?.; . 9. @B=2?36062 . A?.CK@ 12 :20.;6@:<@:2;A.92@IM=AFL=FL9J=EGK<=K;M:JAJ*G<J\9EGK<=;AJIM= D9H=J;=H;A^FKA?FA>A;9FL=QD9;GFKLJM;;A^FiE=FL9Dj<=D9;AM<9<KA?M=D9K H9ML9K <= MF =?<02@< @6:/N960<@2:6NA60< ;GF D9 H9JLA;AH9;A^F 9;LAN9 <=D ;AM<9<9FG 9 LJ9NZK <= KM LJ9FKEML9;A^F =F D9 >A?MJ9 KAE:^DA;9 <= ;AM<9<9FG9JLAKL9 0Z9K= #!/,               906B1.1.;<.?A6@A.  D ;AM<9<9FG HM=<= =F;GFLJ9J 9 D9 ;AM<9< ;GEG =F;M=FLJ9 9 MF9 H=JKGF9 &9 ;AM<9< LA=F= MF9 >M=JR9 HGZLA;9 MF9 ;9H9;A<9< H9J9 H=JKGFA>A;9J=K==F;M=FLJG=FD9HJG>MF<A<9<<=KMKDM?9J=KIM=KGFDGK DM?9J=K <=D @GE:J= ;GFKLJMA<GK HGJ =D @GE:J= <GF<= K= 9?DMLAF9F KMK @AKLGJA9KIM=<9F<GAF;JMKL9<9K=FLJ=JAF;GF=KQH9J=<=K  i;0.1.6;@A.;A25.F:I@129<>B29.C6@A.=B212C2?:I@12 9<>B229<L1<=B212<L?B;2@02;.?6<<B;=.;<?.:.>B2.4B.?1.@2? 2E=9<?.1<R 29 06B1.1.;< iN= DG IM= =KLV =K;JALGj  H=JG N=J KA?FA>A;9 H=J;A:AJ D9K <A>=J=F;A9K Q <AK;GFLAFMA<9<=K <=D =KH9;AG N=J KA?FA>A;916@A6;4B6?9<C6@6/92F9<6;C6@6/92=FDGIM=D=JG<=9-MH9K=G LJ9K;A=F<= DGK EG<GK <= DG 9F=;<^LA;G H9J9 ;GFN=JLAJK= =F =D EZLG<G E=LV>GJ9 <= D9 >GJE9 EAKE9 <= D9 =PH=JA=F;A9 <= DG J=9D iD H9K=G =KL9:D=;= MFGK EG<GK =KH=;\>A;GK <= J=D9;A^F =FLJ= =D J=;M=J<GD9 9L=F;A^FQD9AE9?AF9;A^FDH9K=9FL=:MK;9=D=F;M=FLJG;GFMFHJ=K=FL= IM=D=G>J=R;9KMJGKLJG=KMF;9R9<GJ<=JGKLJGK;GEG<= GLJGKL9FLGK EMF<GKHGKA:D=K;GEG<=GLJ9KL9FL9KHGKA:ADA<9<=K<=DEMF<GR  DIM=@99HJ=F<A<G9N=JH9K9<=D9AEV?=F=K<=DGK=D=E=FLGK ;GFKLJMA<GK Q LJ9R9<GK =F D9 ;AM<9< 9 D9K AEV?=F=K =F KM AE9?AF9;A^F EAKE9 =FLGF;=K i=D EMF<G K= D= E9FA>A=KL9 ;GEG =PH=JA=F;A9 =KH9;A9D ;G<A>A;9<9E=<A9FL=D9K>GJE9K=D;GDGJ=DN9DGJD9<AE=FKA^FD9<AJ=;;A^F D9 L=PLMJ9 D9 HGKA;A^F IM= ;GFKLALMQ=F DGK KM:KAKL=E9K <=D ;GFBMFLG   &3("%=NAF!B6<:D;I=:8>IN9E:JA<?='#.*J=KK<A;A^F=F;9KL=DD9FG $6>B6<:C9:A68>J969M=FGKAJ=K#F>AFALGH &*).#'9J;Gi/FGBG=FD9KJ9E9Kj!I6AD6AK>CD&J:K6H.>H>DC:H<A;AGF=K<= D9/FAN=JKA<9<<=9KLADD9&9'9F;@9M=F;9H '),3'A?M=Di#FNAL9;A^F9D9D=;LMJ9<=19DL=J=FB9E\Fj(JCIDGUI>8D*H  :HE68>DR9=.@2.;A2129.06B1.10<;364B?.B;92;4B.72=2?@<;.9 =.?.12@063?.?9<>B22;0B2;A?.  H=K9J<=D9@=?=EGF\9<=D9NAKA^FQD9J=LAF9=FD9H=J;=H;A^F<= D9 ;AM<9< ;9<9 =PH=JA=F;A9 KA?FA>A;9LAN9 =K EMDLAK=FKGJA9D iM9DA<9<=K ;GEGD9E9L=JA9=D=KH9;AGQD9=K;9D9K=EA<=FHGJE=<AG<=DGBG=DG\<G D9 F9JAR D9 HA=D D9 D=F?M9 =D =KIM=D=LG Q DGK E`K;MDGK (GJE9DE=FL= FG FGK <9EGK ;M=FL9 <= IM= MF =D=E=FLG AF;GFK;A=FL= <=D L9;LG =KLV AJJ=E=<A9:D=E=FL= J=>D=B9<G =F D9 NAKA^F ;M9F<G EAJ9EGK =D GBG LG;9 = AF;DMKG9FL=K<=EAJ9JMFG:B=LGQ9DG@=EGKLG;9<GR<@@<;61<@9<@ <9<?2@ 9<@ @./<?2@ 9<@ 0.:/6<@ 12 A2:=2?.AB?. @6?C2; =.?. ?246@A?.? 29 :B;1<<@ <9<?2@ FGK @9:D9F <=D DM?9J <GF<= FGK =F;GFLJ9EGKk=DGDGJ<=MF9H9F9<=J\9;=J;9F9G<=DGK=P;J=E=FLGK=F DGK ;9DD=BGF=K 9<@ @<;61<@ FGK <A;L9F =D L9E9]G <= MF =KH9;AG D9 <AKL9F;A9IM=@9Q=FLJ=L`Q=D=EAKGJkDGKD9<JA<GKD=B9FGK<=MFH=JJGD9 HJGHA9 NGR =F DGK AFL=JAGJ=K =D JMA<G <= DGK H9KGK KG:J= <A>=J=FL=K H9NAE=FLGK29A.0A<<=D9K;GK9KL=@9:D9<=DE9L=JA9DQ<=D9E:A=FL=k D9L=EH=J9LMJ9<=MFNA<JAGD9JM?GKA<9<<=MF9H9J=<<=HA=<J9=DKGD =FD9;9J9D9@ME=<9<9DJ=KHAJ9JA<1<@9<@@2;A61<@@20<;0.A2;.;F ?29.06<;.; A?.@=.@.;1< ;B2@A?<@ 2@>B2:.@ :2;A.92@ F <3?2062;1< ;B2C.@2E=2?62;06.@5.062;1<>B2;B2@A?.C6C2;06.129.06B1.1@2. 2E09B@6C. 2 6;16C61B.9 HM=K iD9 H=J;=H;A^F <=D EMF<G =K D9 `FA;9 E9J9NADD9 <AKLAFL9 H9J9 ;9<9 MFG <= FGKGLJGK Q 9IM=DD9 <= D9 IM= K=?MJ9E=FL=KGEGKE=FGK;GFK;A=FL=KR  F  2?;.;1 2?2;@<; KM?AJA^ IM= ;M9F<G K= =PH=JAE=FL9 MF9 G:J9 9JL\KLA;9 6:.46;.:<@ B; 2;0B2;A?< 3L@60< . A?.CK@ 12   &*).#'9J;Gi/FGBG=FD9KJ9E9Kj!I6AD6AK>CD&J:K6H.>H>DC:H<A;AGF=K<= D9/FAN=JKA<9<<=9KLADD9&9'9F;@9M=F;9H *&&-' $M@9FAi"9HLA;A<9<Q .A=EHG (GL9K9;=J;9 <=D9JIMAL=;LMJ9 JV?ADj (6H6?:HGFJ>I:8IJG6NGUI>86);LM:J=9]GFbH 4,,&/%#*=<JGi&9;AM<9<AFNAKA:D=j)J69:GCHFbH  @2;@.06<;2@612.1.@9D9KIM=DD9E^K6ADG:HIP8I>A:HD9;AM<9<=NG;9J\9 =F=D;AM<9<9FG=K9KK=FK9;AGF=KA<=9<9K@9;A=F<GIM=KM=PH=JA=F;A9 MJ:9F9<=DEMF<GQ<=ZDEAKEGK=9EVKAFL=FK9&9H=J;=H;A^F?=FMAF9 <=D9;AM<9<K=J\9MF9H=J;=H;A^FFGKGD9E=FL==KLZLA;9KAFGi9JL\KLA;9j <=D9;AM<9<HM=KHGK===D;GEHGF=FL=;J=9LANG<=D9HJV;LA;99JL\KLA;9Q <=H=F<=J\9 <= D9 NAKA^F H=JA>ZJA;9 9FLA;AH9<9 Q LJ9FK>GJE9<GJ9 <= D9K AEV?=F=K =F MF ;GEHJGEAKG ;GJHGJ9D Q =KH9;A9D IM= AEHMDK9J\9 9 D9 H9JLA;AH9;A^F  &9;AM<9<FG=K;9HLMJ9<9KGD9E=FL=HGJDGKK=FLA<GKKAFGIM=K= AFL=JAGJAR9=A<=FLA>A;9;GFFM=KLJGHJGHAG;M=JHGQ;GFFM=KLJ9=PH=JA=F;A9 =PAKL=F;A9D 9 5./6A.;A2 6;A2?6<?6G. @B@ =2?02=06<;2@ ?2C6?A62;1< 29 =?<02@< F =?<F20A.;1< @B@ 6:I42;2@ :2;A.92@ @</?2 9. 06B1.1 A<=FLA>A;VF<GD9;GFKMHJGHAG;M=JHG=A<=FLA<9<=PAKL=F;A9D  D;AM<9<9FGJ=NA=JL==DHJG;=KGQHJGQ=;L9KMKAEV?=F=KE=FL9D=K KG:J= D9 ;AM<9< J=9DAR9F<G HGJ L9FLG MF .0A< 0?2.A6C< iHM=K =K =F =D LJ9:9BG;J=9LANG<GF<==D9JLAKL9H9JLA;AH9<AJ=;L9E=FL=;GFKM=PH=JA=F;A9 =PAKL=F;A9DQ;GJHGJ9D9FL=KIM=;GFMFHD9FL=9EA=FLG=PL=JAGJD^?A;GR  .06B1.1@2C.A?.G.;1<0?2.;1<@64B62;1<9.56@A<?6.F9.@ 56@A<?6.@ 12 @B@ 5./6A.;A2@ E9L=JA9DAR9F<G D9K AEV?=F=K <= KM AE9?AF9;A^FH=JKGF9K;GK9KH9AK9B=KKALM9;AGF=KJ=?AKLJVF<GD9K=FLJ= KMK =D=E=FLGK =KH9;AGK  Q DM?9J=K H9J9 <=KHMZK =NG;9JD9K ;GF MF9 KAEHD=EAJ9<9<=D@9:AL9FL=  9 06B1.1.;<.?A6@A. 6;A2?6<?6G. 9.@ =2?02=06<;2@@2;@.06<;2@ 129 2;A<?;< ?29.06<;I;1<9.@ . 9<@ 9B4.?2@ F 2@A./92062;1< 0<;2E6<;2@2;A?229:216<3L@60< F @B@ @2;A6:62;A<@F?20B2?1<@ 92   *&&-' $M@9FAi"9HLA;A<9<Q .A=EHG (GL9K9;=J;9 <=D9 JIMAL=;LMJ9 JV?ADj (6H6?:HGFJ>I:8IJG6NGUI>86);LM:J=9]GFbH  <=KHD9R9EA=FLG ;GF =P9;LALM< Q ?9J9FL\9 <= ZPALG <= DD=?9J 9 FM=KLJG <=KLAFG&QF;@N99`FEVKD=BGK9>AJE9F<GIM=iMF=K;=F9JAG>\KA;GNANA<G = AFL=?J9<G ;9H9R<= ?=F=J9J MF9AE9?=F F\LA<9<=K=EH=]9 9K\ EAKEG MF9>MF;A^FKG;A9DQD=GLGJ?9J\99D;AM<9<9FGiMF9>M=JL=K=FK9;A^F<= K=?MJA<9<=EGLAN9`F9K\&QF;@9<EAL=IM==D=D=E=FLG<=KGJHJ=K9 G D9:=J\FLA;G LA=F= ;A=JLG N9DGJ =F =D E=<AG 9E:A=FL= H=JG DG @9;= =NA<=FL=E=FL=<=MF9>GJE9;9KAL\EA<9  iFHJAE=JLZJEAFGFG<=:==PAKLAJ=DH=DA?JG<=H=J<=JD9>GJE9:VKA;9M GJA=FL9;A^F <= E9F=J9 IM= FG HM=<9 FMF;9 NGDN=JK= 9 =F;GFLJ9J =D ;9EAFG &9 KGJHJ=K9 <=:= <9JK= =F MF E9J;G ?DG:9D D9K ;GF>MKAGF=K <=:=F;GFKLALMAJH=IM=]9KRGF9K=FMF;GFBMFLGNAKA:D=*GJGLJ9H9JL==F K\ EAKEG =D D9:=JAFLG G EAKL=JAG <=:= HGK==J ;A=JL9 >GJE9 IM= HM=<9 =PHDGJ9JK=Q;GF=DLA=EHG9HJ=@=F<=JK=/F;9GK;GEHD=LGKAFHAR;9<= 9JEGF\9FMF;9J=KMDL99?J9<9:D=  &QF;@<=<A;9MF;9HALMDG=FL=JG=D9HZF<A;=<=KM=KLM<AG$6>B6<:C 9:A68>J969 9 D9 =PHGKA;A^F <= 9FZ;<GL9K IM= =B=EHDA>A;9F DGK J=EGLGK GJ\?=F=K<=D9GJA=FL9;A^F=FD9;ANADAR9;A^F@ME9F9.9E:AZF<=K;JA:=D9K AF;GFN=FA=F;A9K Q <=KN=FL9B9K <= KM iAE9?AF9:ADA<9< /F9 <= =DD9K ;GFKAKL==FD9K9LMJ9;A^F<=KA?FA>A;9<GKKAE:^DA;GK=F MF H9AK9B= HG<J\9 HJG<M;AJMF9AF@A:A;A^F<=D9K9;LANA<9<=KHJV;LA;9K.9E:AZFK=;GJJ=J\9=D JA=K?G<=IM==KLGKK\E:GDGK=KLMNA=K=FKMB=LGK9MF9iEG<9j;GF;J=L9Q =D H=JAG<G <= ;GEMFA;9:ADA<9< >M=K= <MJ9<=JG KGD9E=FL= <MJ9FL= MF i;GJLGj AFL=JN9DG <= LA=EHG K\ <A;= i56 =K ;GFN=FA=FL= IM= =KL9K AEV?=F=K K=9F ;GEMFA;9:D=K Q 9<9HL9:D=K 9 FM=N9K F=;=KA<9<=K   f7>9:B &3("'E8>IH DD9:=JAFLGQ=D=D=E=FLGKGJHJ=K9=F=DJ=;GJJA<GMJ:9FGFGKJ=;M=J<9D9HGKA;A^F<= GFKL9FL =F ;M9FLG 9 KM HJGHM=KL9 <=D *JAF;AHAG <= <=KGJA=FL9;A^F Q =D D9:=JAFLG <AFVEA;G &3("'E8>IH  HJV;LA;9K Q IM= HM=<9F <=K9JJGDD9JK= FM=N9K 9?JMH9;AGF=K FM=NGK KA?FA>A;9<GKQMF9FM=N9HG=K\9                    #!/,JGIMAK<=GKLGFJ=9DAR9<GHGJ%=NAF&QF;@=F           &3("'E8>IH     %2392E6N;0?LA60.  %=NAF&QF;@Q9G:K=JN^;A=JL9KM:B=LANA<9<=FD99HJ=;A9;A^F<=D9K <A>=J=FL=K;9L=?GJ\9KTDEAKEG=K;JA:A^  i&9 AE9?=F <= MF9 J=9DA<9< >\KA;9 <=L=JEAF9<9 HM=<= ;9E:A9J G;9KAGF9DE=FL= <= LAHG KA D9K ;AJ;MFKL9F;A9K <= KM NAKA^F KGF <A>=J=FL=K K\ MF9 9MLGHAKL9 HM=<= K=J MF9 K=F<9 H9J9 =D ;GF<M;LGJQMF:GJ<=H9J9=DH=9L^F)MF9RGF9;=FLJ9DHM=<=K=J MF <AKLJALG ;M9F<G MF9 ;AM<9< =KLV GJ?9FAR9<9 KG:J= MF9 =K;9D9 E=<A9QMFFG<G;M9F<GK=;GFKA<=J9D9KMH=J>A;A=E=LJGHGDAL9F9=F KM;GFBMFLG*=JGD9K;9L=?GJ\9KH9J=;=FL=F=J=KL9:ADA<9<H9J9MF G:K=JN9<GJ<=L=JEAF9<G;M9F<G9;L`9=FMFFAN=D<=L=JEAF9<GR  -A9F9DAR9EGK<=L=FA<9E=FL==D=KLM<AG<=%=NAF&QF;@HG<=EGK =F;GFLJ9J 9D?MF9K<=>A;A=F;A9KIM= @9;=F IM=KM EZLG<G H9J9 =D <AK=]G MJ:9FGK=9;M9F<GE=FGKAF;GEHD=LG  =KL9;9EGK9;GFLAFM9;A^FD9KEVK<=KL9;9:D=K   D @=;@G <= IM= LGE9 ;GEG `FA;9 :9K= >AJE= <= KM =PHDGJ9;A^FD9=PH=JA=F;A9H=9LGF9D<=DGK=FLJ=NAKL9<GK -AF<M<99D?MF9D9H=J;=H;A^F<=D9;AM<9<;9E:A9KA=D H9K=GK= @9;= 9 HA= =F 9MLGE^NAD G 9MLG:`K F =KL= K=FLA<GIM=<9;GF>MKG=D9FVDAKAK<=&QF;@    GEG;GFLJ9HGKA;A^FHG<J\9EGK<=;AJ;^EG=F=DHJG;=KG<=<=JAN9DGKKALM9;AGFAKL9K 9<EAL\9FDGKLJ9Q=;LGK=FE=<AGK<=DG;GEG;A^FH9J9AFL=FKA>A;9J=D=>=;LG<=D9<=JAN9 0Z9K= =F =D 6E !! : A6 I:DGU6 9: A6 9:G>K6 H9JL9<G  EDGI68>DC:H 9: A6 9:G>K6 <GF<= HJG>MF<AR9EGK KG:J= =D ;GF;=HLG <= <=KGJA=FL9;A^F ;GEG HJGHM=KL9 <= DGK KALM9;AGFAKL9KH9J9=PH=JAE=FL9JD9;AM<9<QD9KJ=>=J=F;A9K9DMKG<=DL9PAH9J99ME=FL9J =DK=FLA<G<=<=KGJA=FL9;A^F=FD9;AM<9<   &9K =PHDGJ9;AGF=K <= &QF;@ HJ=L=F<\9F MF9K N=;=K 9:9J;9J =D VJ=9 =FL=J9 <= D9 ;AM<9< Q GLJ9K N=;=K K= DAEAL9:99J=;G?=JG:K=JN9;AGF=K<=MF<=KHD9R9EA=FLG H=9LGF9D *GJ =KL= EGLANG @9:J\9 IM= <=L=JEAF9J ;GF E9QGJ HJ=;AKA^F 9 IMZ VE:ALGK MJ:9FGK K= ;A]= D9 ;GFKLJM;;A^F<=MFE9H9;G?FALANG   )LJG <= DGK HMFLGK IM= ;J==EGK AEHGJL9FL=K Q IM= Q9 @9F 9HMFL9<G 9D?MFGK 9MLGJ=K =K IM= &QF;@ MLADAR9 =D <A:MBG;GEGHJV;LA;9>MF<9E=FL9D=FD9=PHJ=KA^F<=D9 AE9?=FE=FL9D<=D9;AM<9<  i(GK H9J=;= HJG:D=EVLA;G =D IM= L9D=K EZLG<GK K=9F ;9H9;=K <= ?=F=J9J<9LGKIM=J=>D=B=F9D?GEVK9DDV<=D9E=J9@9:ADA<9<H9J9=D <A:MBGFEM;@GK;9KGK=DKMB=LGZDG=DD9FMF;9@9=K:GR9<GMF E9H9Q=F9D?MFGK;9KGKAF;DMKGFMF;9@9J=9DAR9<GMF9L9J=9<= <A:MBG <=EVK =K EMQ N=JGK\EAD IM= 9D?MF9K H=JKGF9K HM=<9F KM>JAJ ;A=JL9 ?J9>G>G:A9 KLV ;D9JG IM= =F ;M9DIMA=J9 <= =KL9K =N=FLM9DA<9<=K K= HJ=K=FL9 9D?MF9 =NA<=F;A9 <= AF@A:A;A^F ?J9>GEGLGJ9 G MF9 ?J9N= >9DL9 <= =FLJ=F9EA=FLG G HJV;LA;9 =F =D <A:MBGj   &9>MF<9E=FL9D<=D9K<=>A;A=F;A9K=F=DLJ9:9BG<=%=NAF &QF;@ Q IM= Q9 =K:GR^ GFKL9F;AG <= 9KLJG =F KM =KLM<AGKG:J=i&9!=G?J9>\9<=DG;GLA<A9FGj=KKAF<M<9 D9 HJ==EAF=F;A9 <= D9K AEV?=F=K NAKM9D=K =F D9 =PH=JA=F;A9MJ:9F9     =FAK 1GG< Q ,G:=JL =;C i.9DCAF? OAL@ FNAJGFE=FL9D  ( PH=JAE=FL9D '9HHAF? &9F?M9?=j =F !9JQ 'GGJ= Q ,=?AF9DC< !GDD=<?= =<K CK>GDCB:CI6A #CDL>C< GGO<=F "ML;@AFKGF  ,GKK  HV?K  ;AL9<G =F  -.,) GFKL9F;AG&9!=G?J9>\9<=DG;GLA<A9FG  i9;=HL9EGKKAF<M<9D9=PAKL=F;A9Q=DH9H=DIM=D9K AEV?=F=K NAKM9D=K BM=?9F =F DGK E9H9K ;G?FALANGK <=D =FLGJFGMJ:9FG*=JGD9>M=FL=<=AF>GJE9;A^FIM=FMLJ= D9 AE9?AF=J\9 E=FL9D FG K= DAEAL9 9 DG NAKM9D KAFG IM= 9:9J;9D9=PH=JA=F;A9=FL=J9j  F =KL= HMFLG <= FM=KLJ9 J=>D=PA^F ;9:J\9 HJ=?MFL9JFGK ;^EG AF>DMQ=F=DJ=KLG<=DGKK=FLA<GK=FD9H=J;=H;A^F<=D9;AM<9<=KL= J=KH=;LG ;9:= E=F;AGF9J D9 =PH=JA=F;A9 IM= =D 9JIMAL=;LG .GFA !AJGFZK <=K;JA:A^H9J9D9J=NAKL9)J69:GCH9:GFJ>I:8IJG6  i&GKKGFA<GKDGK;9E:AGK<=L=EH=J9LMJ9DGKGDGJ=K=AF;DMKGDGK K9:GJ=K KAJN=F H9J9 iJ=?AKLJ9Jj =F EGE=FLGK <= <=KGJA=FL9;A^F .= <9K;M=FL9<=IM=DGKGDGJ=KGH=K9FGKGFDA?=JGKGKGF<=FKGKIM= DGKKGFA<GKL=<A;L9F=DL9E9]G<=MF=KH9;AGkD9<AKL9F;A9IM=@9Q =FLJ= L` Q =D >G;G =EAKGJ  &GK ;M9LJG K=FLA<GK 9 DGK IM= i9H9J=FL=E=FL=j IM=<9 J=<M;A<9 D9 H=J;=H;A^F K= ;GF;9L=F9F Q J=D9;AGF9F=FHJG?J=KA^FLJ9KH9K9F<GN=DGK<=D9E=EGJA9G>J=;A=F<G FM=N9K =PH=JA=F;A9K HJG<M;LG <= D9K E`DLAHD=K 9F9DG?\9K IM= K= =KL9:D=;=F KLVK 9;GKLME:J9<G 9 MF =KH9;AG >\KA;G 9;GL9:D= H=JE9F=FL=QH9K9K9H=J;A:AJMF&/!,E=FL9D=>\E=JGQ;9E:A9FL= j  &9 =PH=JA=F;A9 <=K;JAL9 HGJ .GFA !AJGFZK FGK AF;AL9 9 J=>D=PAGF9J KG:J= =D EG<G =F IM= H=J;A:AEGK FM=KLJG =FLGJFG ;^EG =D @9:AL9J K= ;GFNA=JL= =F MF9 =PH=JA=F;A9 <= F9LMJ9D=R9 ;9E:A9FL= L9FLG <=K<= =D   -.,)GFKL9F;AG$6:D<G6;>6:CA6.>96DI>9>6C6H  0Z9K= =F D9 HH =D 9JL\;MDG &q*4 ,),#!/4 -ADNA9 QD L`F=D <= D9K E=LV>GJ9Kj+8G>EI6&DK6*:K>HI6:A:8IGXC>869:<:D<G6;U6N8>:C8>6HHD8>6A:H0GD0## F`E   <= 9?GKLG <= /FAN=JKA<9< <= 9J;=DGF9 #--(  =H^KALG&=?9D=K;JALGHGJD9<G;LGJ9F<9<GF<=K=9:GJ<9=DL=E9;GFEVK HJG>MF<A<9<G<AJ=;L9E=FL==FD9KALAGO=:@LLHOOOM:=K?=G;JALKFKF@LE  J9?E=FLG<=D9JL\;MDGi&9;AM<9<AFNAKA:D=j=K;JALGHGJ*=<JG49JJ9DMCAH9J9=DFb H=FD9J=NAKL9)J69:GCH d6GFJ>I:8IJG6> JG76C>HB:<GF<==D9JIMAL=;LG.GFA !AJGFZK<=K;JA:=KM =PH=JA=F;A9 ;GEGiAFNA<=FL=j<MJ9FL=MF H9K=GHGJD9;AM<9<<= 9J;=DGF9  HMFLG <= NAKL9 <=D @9:AL9FL= ;GEG <= D9 J=9DA<9< 9JIMAL=;L^FA;9 =F L9FLG IM==FLJ9J\9F=FBM=?G>9;LGJ=K;GEGD9KM:B=LANA<9<<=D9H=J;=H;A^F<=D E=<AGQD9LJ9FK>GJE9;A^F<=D=FLGJFGMJ:9FGL9FLG=F=D=KH9;AG;GEG=F =D LA=EHG -MJ?=F HGJ L9FLG J=>=J=F;A9K 9D HJGQ=;LG KALM9;AGFAKL9 <= i;GFKLJM;;A^F D`<A;9 <= KALM9;AGF=Kj ;GF =D IM= K= HJ=L=F<\9 D9 GJ?9FAR9;A^F;GD=;LAN9<=MF9E:A=FL=MJ:9FGMFAL9JAGQD9H9JLA;AH9;A^F<=D ;AM<9<9FG =F =D EAKEG E=<A9FL= MF BM=?G 9R9JGKG <= 9;GFL=;AEA=FLGK FLJ9J\9F HGJ L9FLG =F =D HJG;=KG <= GJA=FL9;A^F GLJGK >9;LGJ=K IM= 9L=F<=J\9F 9 D9 H9JLA;AH9;A^F <=D J=KLG <= FM=KLJGK K=FLA<GK g;9KG DGK KGFA<GK IM= =K;M;@9EGK G DGK GDGJ=K IM= GD=EGK =F D9 ;AM<9< FG FGK <=K;JA:=F=DLAHG<=9;LANA<9<=KIM=K=J=9DAR9FQKMDG;9DAR9;A^F;=J;9F\9 GD=B9F\9  -A ;GEH9J9EGK D9 <=JAN9 KALM9;AGFAKL9 ;GF =D EZLG<G <= D=;LMJ9 <= C=NAF&QF;@=F;GFLJ9EGKIM==DHMFLG<==F;M=FLJG<=9E:9K=KLV=FD9 D=;LMJ9<=D9E:A=FL=  "=EGK 9F9DAR9<G9FL=JAGJE=FL=IM=D9L=GJ\9 <= D9 <=JAN9;GFKAKL\9 =F MF9 D=;LMJ9 <=D =KH9;AG MJ:9FG H=JG ZKL9 =J9 MF9 D=;LMJ9 AFKLAFLAN9 :9K9<9 =F =D <=K=G ;GF MF ;9JV;L=J AF;GFK;A=FL= @=J=<9<G <= D9K <=9E:MD9;AGF=K KMJJ=9DAKL9K ;GFKAKL=FL=K =F MF <=B9JK= DD=N9J HGJ D9 H=J;=H;AGF=KQKMK=NG;9;AGF=K-AF=E:9J?G&QF;@AFLJG<M;==D;GF;=HLG <=A:<>7>A>969<=D=KH9;AGMJ:9FG<=MFEG<GE=L^<A;G;GFKAKL=FL==FMF9 D=;LMJ9 <=D =KH9;AG MJ:9FG J=;GFG;A=F<G ;A=JL9K =KLJM;LMJ9K  NAKM9D=K @ALGK:GJ<=K  &9GJA=FL9;A^F<=DGKKALM9;AGFAKL9K<=;DAF9=F=D<=K=G<=DH9K=9FL= FG=PAKL=MFDM?9J<=<=KLAFG>AB9<GH=JGK\=KLVHD9FA>A;9<9D9AFL=F;A^F<=D <=9E:MD9J K= LJ9L9 <= MF9 <=KGJA=FL9;A^F HD9FA>A;9<9 ;MQG G:B=LANG <= 9FVDAKAKK==K;9H99D9KAEHD=D=;LMJ9<=@ALGK9JIMAL=;L^FA;GKDQF;@=9FGK &GIM=9H9J=FL=E=FL=9H9J=;=;GEGMF<=9E:MD9J;9^LA;G H=JL=F=;=9D  L=JJ=FG <= D9 ;GEHD=BA<9< GEHD=BA<9< HGJIM= FGK 9HJGPAE9EGK 9 MF9 NAKA^F?DG:9D<=D9;AM<9<IM=HG<J\9K=J<=>AFA<9i;GEG;GF>DM=F;A9<= ;GEHD=BA<9<=K=FMFLG<GGJ?VFA;Gj  !MQ =:GJ< <=>=F<\9 =D =PLJ9]9EA=FLG =F =D ;AM<9<9FG DG IM= HJGHGJ;AGF9:9=K==KL9<G<==P;AL9;A^F;GFLAFM9IM=DGAF;AL9:99N9?9J H9J9;GFG;=JD9;AM<9<PLJ9]9EA=FLGIM=KALM9:99D9:6B7JA6CI:=FMF HGKA;A^Fi9;LAN9j>J=FL= 9D=FLGJFG Q IM=DGAF;AL9:9;GFLAFM9E=FL= 9 D9 ;J=9;A^F<=KALM9;AGF=K&QF;@KAF=E:9J?G<=>A=F<=IM==KL9AEHJ=KA^F <=K=FLAJK==PLJ9]GHJG<M;==F=D;AM<9<9FGMF9K=FK9;A^F<=<=K;GFLJGD Q9FKA=<9<IM=<=:=K=J=NAL9<9A;=  i-A K= <=KGJ<=F9F DGK K\E:GDGK =D AF<ANA<MG =KLV H=J<A<G F ;GFBMFLGD9KALM9;A^FK=9K=E=B9=F>GJE9;MJAGK99DGIM=@9;=EGK ;M9F<GFGK=F;GFLJ9EGK=FMF9;AM<9<<=K;GFG;A<9j   H=K9J <= DGK @M=;GK IM= =F;GFLJ9EGK =F =D =KLM<AG <= %=NAF &QF;@FGHG<=EGK<=B9J<=<=;AJIM=>M=HAGF=JG=FD9KAFN=KLA?9;AGF=K KG:J=AE9?AF=J\9E=FL9D;GFKMG:J9i,=:>B6<:D;I=:>INb                'A?M=D F?=D 'GD=GF 9 HJGH^KALG <= D9 ;GEHD=BA<9< <= KMK ;GFKA<=J9;AGF=K E=LG<GD^?A;9K=F')&)(0#('A?M=DF?=D $6AUC:6 >C86C9:H8:CI:&>=>A>HBD N -IDEU6 :C ADH EGD8:HDH 8G:6I>KDH 9:A 6GI>HI6 8DCI:BEDG6C:D AJ=;LGJ *=<JG )K9C9J !J9F9<9 /FAN=JKA<9< <= !J9F9<9 =H9JL9E=FLG <= *AFLMJ9 B=EHD9J >GLG;GHA9<GH ')&q('E8>IH     20AB?.0?LA60.129.)(V!129.@06B1.12@@24O;.08 !.@.?    @=20A<@12@B=?<=B2@A.   &#%#&#.3  ;LM9DE=FL==DHJG>=KGJ<=HD9F=9EA=FLGMJ:9FG=AFN=KLA?9<GJ<= D9 /FAN=JKA<9< <= )@AG $9;C (9K9J =KLV J=9DAR9F<G AEHGJL9FL=K AFN=KLA?9;AGF=KKG:J=D9=NGDM;A^FQH=J;=H;A^F<=D9K;AM<9<=K-=HG<J\9 <=;AJIM=KMK=KLM<AGKKGFMF99EHDA9;A^F<=DLJ9:9BG<=&QF;@FKMDA:JG ,=: K6AJ6I>K: >B6<: D; I=: 8>IN  KGKLA=F= ;D9J9E=FL= IM=  =D ;GFG;AEA=FLG KG:J= D9 A<=FLA>A;9;A^F Q D9 =KLJM;LMJ9 <= MF9 ;AM<9< AE9?AF9:ADA<9<<=&QF;@FG=KKM>A;A=FL=H9J9=PHDA;9J=D;GEHGJL9EA=FLG <=D;AM<9<9FG9L=F<A=F<G9D9H=J;=H;A^F<=D=KH9;AGMJ:9FG&GK9FVDAKAK <=(9K9JK=;=FLJ9F=FMF9L=J;=J9;9L=?GJ\9=DKA?FA>A;9<G  D?MFGK AFN=KLA?9<GJ=K <=D H9J9<A?E9 <= D9 H=J;=H;A^F MJ:9F9 ;GEG HHD=Q9J< @9F =F;GFLJ9<G IM= 9IM=DDGK =<A>A;AGK EVK iAE9?AF9:D=Kj KGF EM;@G EVK =N9DM9<GK L9FLG HGKALAN9 ;GEG F=?9LAN9E=FL=K<=;AJD9AE9?AF9:ADA<9<=KLV=F<AJ=;L9HJGHGJ;A^F;GF =D?J9<G=N9DM9LANG<=MF=<A>A;AG  i-A 9 D9 E9QGJ\9 <= D9 ?=FL= HJ=>A=J= =D=E=FLGK AE9?AF9:D=K =FLGF;=KD9;AM<9<;GFDD=N9JVMF9=N9DM9;A^FHGKALAN9KAHGJ=D;GFLJ9JAG9 D9?=FL=FGD=K?MKL9=FLGF;=KD9;AM<9<L=F<JVMF9=N9DM9;A^FF=?9LAN9   9:=J=;GJ<9JIM==KL9;9L=?GJ\9k=DKA?FA>A;9<Gk>M=i<=K9@M;A9<9jHGJ&QF;@=FKMK =KLM<AGKHGJ;GFKA<=J9JIM=FG=J9HJV;LA;G=D=KLM<AG<=DGKKA?FA>A;9<GK0Z9K=H<= =KL=;9HALMDG 0Z9K=**&3,*D9FFAF?9*DMJ9DAKLA;ALQ9E:JA<?='#.*J=KK  QKMJ?AJVMF9F=;=KA<9<<=;9E:A9JD99H9JA=F;A9<=D9;AM<9<jKLG=K DGIM=(9K9J<=FGEAF9;GEGA>@67>A>IN<JHID9:AE6>H6?:JG76CDKL= i?MKLGj K= J=>A=J= 9 D9 HJG:9:ADA<9<<= IM= MF 9E:A=FL=MJ:9FG =NGIM= MF9J=KHM=KL9=N9DM9LAN9HGKALAN9GF=?9LAN9=FLJ=DGK;AM<9<9FGKIM=DG =PH=JAE=FL9F  -=?`F(9K9JD9AE9?=F=N9DM9LAN9<=MF9;AM<9<=K<=>AFA<9HGJ DGK K=FLAEA=FLGK Q KA?FA>A;9<GK IM= =D K=J @ME9FG D= <9 9 D9 ;AM<9< =K <=;AJ HGJ KMK J=9;;AGF=K >J=FL= 9 MF <=L=JEAF9<G H9AK9B= MJ:9FG D ;AM<9<9FG LA=F<= 9 J=;GJ<9J 9IM=DDGK DM?9J=K KG:J= DGK IM= ;GF EVK >9;ADA<9< KA=FL= MF >M=JL= K=FLAEA=FLG Q =K EVK HJGH=FKG i9 L=F=J ;GF=PAGF=K K=FLAE=FL9D=K =F 9IM=DDGK DM?9J=K MJ:9FGK EVK AE9?AF9:D=Kj   0&/#q(  %=NAF&QF;@Q9<AG9;GFG;=JD9F=;=KA<9<<=;J=9JMFHD9FNAKM9D J=D9;AGF9<G ;GF D9 >GJE9 MJ:9F9 IM= <= 9D?MF9 E9F=J9 K= =KL9:D=;A=J9 ;GEG MF9 ?M\9 MJ:9F\KLA;9 H9J9 =D :M=F <=K9JJGDDG <= MF9 ;AM<9< &9 E9QGJ\9<=DGK=KLM<AGKMJ:9F\KLA;GKIM=K=J=9DAR9F=FD9KAFN=KLA?9;AGF=K MJ:9F9K9;=HL9F=KL9>9DL9<= EZLG<G IM= =PAKL==F =D H9J9<A?E9<= D9 H=J;=H;A^F <=D =KH9;AG MJ:9FG &9 ;J=9;A^F <= MF H9LJ^F ?M\9 H9J9 D9 MJ:9F\KLA;9<=D9K;AM<9<=KH=JEALAJ\9MF9J=?MD9JAR9;A^F<=DGKEZLG<GKQ HJGQ=;LGK9JIMAL=;L^FA;GK;GFDGIM=;GFLJA:MAJ\99D9E=BGJ;GFKLJM;;A^F   &%)'(3 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